1.2 Key takeaways –Allianz’s climate goals include, for example, 2030 intermediary targets to reduce emissions from operations by 65% and proprietary investments in listed equity and corporate bonds by 50% (compared to 2019). For 2050, the company has a 1.5°C-aligned commitment for net-zero greenhouse gas (GHG) emissions for its proprietary investments and P&C insurance business. –Allianz’s sustainability statement is signed off at the same level of reasonable assurance as its financial report. –Challenges the company faces in obtaining sufficiently reliable, timely and useful data arise from a lack of: –an agreed global sustainability baseline or reporting standards –methodologies for relevant asset classes (e.g. asset-backed and mortgage-backed securities) –consistent sector-specific guidelines for the insurance industry –reliability and assurance for complex data on nature and biodiversity –Additional challenges specific to scope 3 reporting include: the time-lag in data reporting by investees and value chain partners; and poor data availability for SMEs. –When reporting value chain emissions, Allianz follows a clear hierarchy in sourcing data that is as robust and trustworthy as possible: starting with primary data collection (from its investees), then reported data (e.g. by listed companies), followed by sector and country data (e.g. aggregated by UNEP FI), ratings information and, lastly, estimates and proxies (e.g. sector-averages). –Allianz requests data on emissions as a contractual requirement with a wide range of suppliers and asset managers to improve the timeliness and reliability of its scope 3 data, an approach particularly relevant for its investments through non-listed companies. Allianz also requests certifications from its third-party data providers. Learnings include the following: –One of the priorities is a standardized global baseline for sustainability reporting – until then, regulators must ensure that existing standards are as interoperable as possible. –The shift from limited to reasonable assurance of sustainability data has been a major change, but it is important to help strengthen management decision-making as well as reliability of reporting. –The market must be able to rely on what companies are reporting. To align sector-specific reporting better, the ISSB, GRI and EFRAG should evaluate information needs based on systematic analysis of reporting practice over a reasonable time period. –Advice for companies looking to improve their sustainability reporting: adopt a clear prioritization logic on data selection; apply the same rigour in sustainability reporting as for financial reporting; engage with stakeholders to benchmark and challenge corporate viewpoints; and improve in-house literacy in sustainability reporting. 1.3 Climate goals and targets Allianz has had a climate change strategy in place since 2005 and published its first comprehensive Net-Zero Transition Plan in 2023. The company has committed to a science-based, 1.5°C-aligned target to achieve net- zero emissions by 2050, which covers not only its proprietary investments but also its property and casualty (P&C) insurance business. Allianz’s climate goals also include 2030 intermediate targets to reduce emissions from operations by 65% and proprietary investments in listed equity and corporate bonds by 50% (compared to 2019). The company was one of founding members of the UN-convened Net-Zero Asset Owner Alliance , which now counts 89 members with published intermediate targets.

Allianz Case Study 2025