Allianz SE said on Monday it made significant progress in its sustainability strategy in 2024, reporting reductions in greenhouse gas emissions across its insurance and investment portfolios, as well as in its operations.
The German insurer published its first fully Corporate Sustainability Reporting Directive-compliant annual report with a reasonable assurance audit, setting what it called an industry benchmark for transparency and accountability in tracking sustainability targets.
“Allianz remains steadfast in its ambitions. We have made concrete progress on our intermediate 2030 targets, contributed to our Property & Casualty growth and investment performance and supported communities,” said Board Member Günther Thallinger in a statement.
Growth in Sustainable Investments
The company said sustainable investments grew 2.7 percent in 2024 to reach €171.9 billion ($186.4 billion), an increase of €4.5 billion from the previous year. Revenue from sustainable solutions in the P&C segment rose to €4.9 billion, up €1.9 billion year-on-year.
In its insurance business, Allianz reported a 6.8 percent reduction in absolute carbon emissions from its motor retail portfolio and an 11.7 percent decline in emissions from its commercial insurance segment, both compared to a 2022 baseline.
The firm also cut absolute greenhouse gas emissions from listed corporate investments by 50.7 percent against a 2019 baseline and reduced emissions per employee by 61.5 percent over the same period.
Expansion of Sustainable Offerings
Allianz also introduced new sustainable offerings, including Surety Green2Green, a trade credit insurance product that secures sustainable project development. The collected premiums are allocated to green bonds, reinforcing a circular model for sustainability financing.
Beyond environmental initiatives, the company increased corporate giving to €33.3 million in 2024 and expanded employee learning programs, raising average training hours per employee to 60.1 hours, up 10.1 hours from 2023.
Future Sustainability Commitments
Chief Sustainability Officer Emilia Macarie highlighted the impact of severe natural catastrophes in 2024, making it the third most expensive year on record for insurers. “Despite these challenges, Allianz has stayed the course on its sustainability commitments, integrating them into our business and demonstrating resilience,” she said.
Looking ahead, Allianz said it remains committed to its 2030 sustainability targets, with plans to expand sustainable product offerings and deepen community partnerships to enhance resilience across its stakeholders.
