Strategy & ESG Governance
We carefully consider the conditions we believe are conductive to a better life. To do this, we engage in discourse, share our views and commit to making sustainability a central part of our core business. Our clear stance generates understanding and support from all our stakeholders – employees, customers, investors and the public.
Sustainability Strategy
The UNIQA Group sustainability strategy pursues a holistic approach and combines its economic endeavours with a clear ecological and social commitment to the environment and society. We are constantly refining our sustainability strategy and aligning our goals and measures even more closely with established international and national frameworks.
The five cornerstones of our sustainability strategy are:
1. Investment policy based on ESG criteria
When designing and managing our portfolio, we consider both the ongoing assessment of the environmental and social impact on our investments ("outside-in") and the assessment of the environmental and social impact of our investments ("inside-out"). The latter also includes indirect CO2 emissions. In doing so, we rely on transparent and standardised data and use appropriate databases. Our science-based target systems are aligned with the regulations of recognised NGOs and therefore represent an effective tool for reducing CO2 emissions in accordance with the Paris Agreement. The climate targets for parts of our investment portfolio are based on the Paris 1.5 degrees Celsius climate target pathway and have been successfully validated by the Science Based Targets initiative (SBTi). In addition, our memberships of renowned networks such as the UNEP Finance Initiative, the Principles for Responsible Investments (PRI), the Net-Zero Asset Owner Alliance (NZAOA), the UN Global Compact and the Climate Action 100+ initiative support our commitment to more sustainability in investment.
2. ESG-orientated product policy with a sustainable added value
As one of the leading insurance companies in our core markets of Austria and Central & Eastern Europe (CEE), we assist our customers on their way to a better life, while always keeping an eye on our company's value-creation processes. This is why risk prevention and mitigation are core areas in which environmental and social impacts must be increasingly integrated into the advisory approach.
This goes hand in hand with a wide range of adjustments to our insurance products. In addition to the existing portfolio, we also offer sustainable investment options (e.g. unit-linked insurance products with eco-labelling). Another goal is to gradually expand our range of health and property insurance products that fulfill environmental and social criteria to promote a sustainable lifestyle and sustainable corporate governance on a broad basis. In doing so, the UNIQA Group is focusing on supplementary product modules (e.g. e-mobility, low-emission household/business management) as well as on improving the quality of advice on resource efficiency and emission reduction.
3. Exemplary sustainable operations
Our sustainability endeavours are intended to inspire our customers and partners to act in a more ecological and socially responsible manner overall. In all our activities and in our dealings with our suppliers, we ensure that we apply international certifications and standards. We want to set a good example, particularly when it comes to climate targets, and consistently implement our commitment to continuously reducing CO2 emissions from our own operations.
The UNIQA Group is pursuing specific CO2 reduction targets in five areas of our operations:
- Installation of photovoltaic systems
- Decarbonisation of heating and cooling systems
- Optimisation of energy monitoring
- Comprehensive switch to LEDs
- Decarbonisation of the vehicle fleet
4. Transparent reporting and willingness to obtain third-party ratings
We provide comprehensive, timely and transparent information about our goals and progress in achieving them - over and above the statutory disclosure requirements. In addition to our existing reporting processes, this is also based on guidelines resulting from our membership of ESG networks and our support for various initiatives. In addition to transparent reporting, we also pursue active dialogue with ESG rating agencies and strive to continually improve our ESG rating by adding reporting processes. Through external review processes, we gain further valuable insights to optimise our reporting in particular and our sustainability efforts in general.
5. Committed stakeholder management for greater social and environmental responsibility
Our management approach includes maintaining an ongoing dialogue with all of our stakeholders and their representatives in order to exchange information about our goals and positions on current issues in a timely manner. In doing so, we stand by our positions, even though there may not always be general consensus on the issues.
Important partners in our stakeholder dialogue are:
- Private customers, corporate customers and their interest groups
- Representatives of the public (ministries, municipalities, supervisory authorities, NGOs, etc.)
- Employees
- Investors
ESG Integration
We are committed to taking ESG (environmental, social and governance) factors into account for both our insurance and investment business. Sustainability measures only develop their transformative power if they are implemented transparently and verifiably. Within the UNIQA Group, we fulfill this requirement through strong governance, clear responsibilities, well-founded stakeholder engagement and comprehensive reporting & ratings from renowned agencies.
In addition to the involvement of the Supervisory Board and comprehensive Sustainability Management in the Group's internal ESG Office, the Group ESG Committee is a central body.
Sustainability Management
The Group ESG Office is responsible for coordinating the UNIQA Group's sustainability agendas and reports to the Management Board member responsible for People, Brand & Sustainability, who also chairs the ESG Committee. The Group ESG Office supports all operating units in integrating and pursuing the sustainability strategy within the business processes. The team is also responsible for sustainability governance, for rating enquiries and for monitoring regulatory changes, among other things. The Group's business units are staffed with ESG experts or, in some cases, their own ESG teams, which are responsible for the operational and specialised development and implementation of content and measures. Sustainability is also integrated into topic-specific policies, standards and governance structures in the specialist areas.
Group ESG Committee
The Group ESG Committee, set up in 2021, is the central body for sustainability matters at a Management Board level. It comprises members of the Management Board of the UNIQA Insurance Group AG, and the Heads of Corporate Business and of the ESG Office. The Group ESG Committee was implemented to drive ESG integration into our core business. An additional function of the committee is the ongoing monitoring of our stakeholders' awareness of the environmental and social impacts resulting from our commitment and business activities.
The Group ESG Committee meets on a quarterly basis. Its most important functions include the following:
- Strategic definition and continuous further development of ESG ambitions for the UNIQA Group
- Management of ESG approach at Group level and approval of annual ESG working plan
- Definition and prioritising of ESG topics for the Group
- Regular informing of the UNIQA Group’s Management Board regarding ESG topics and activities
- ESG targeting and KPI monitoring
- Setting the agenda for the Stakeholder Council
- Supervision of Group-wide climate strategy and environmental management
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