C _ Group Management Report Based on this assessment, in our non-life insurance and As a result, the taxonomy eligibility share for the Allianz Group’s reinsurance business, 79 % of the P&C gross written premiums are proprietary investments is only based on controlled listed or unlisted taxonomy-eligible and 21 % of the P&C gross written premiums are assets and debt instruments in scope, that are held by our (internal) taxonomy non-eligible for the financial year 2021.1 Taxonomy asset managers, or other subsidiaries (e.g., real estate investments or eligibility does not give an indication of the degree to which the Allianz mortgages. Due to the limited information value of the Taxonomy Group’s non-life insurance activities can be considered as taxonomy- information at this stage, we disclose additional information on the aligned, but reflects the structure of the Allianz Group’s underlying sustainability of our proprietary investments portfolio at Group-level business and future screening scope with respect to a substantial based on the definition of “Sustainable Investments” as per the contribution to climate change adaptation at a broad level. Sustainable Finance Disclosure Regulation (SFDR). For more information, please refer to our Group Sustainability Report 2021, section 02.2. For investments, the Taxonomy Regulation currently limits the scope of As to third-party assets, as the Allianz Group would in all cases which investments could generally be considered as “taxonomy- need data from investees, no screening for and reporting on taxonomy eligible” to exposures to undertakings that are obliged to publish non- eligibility is possible at this stage except with regard to our exposure to financial information pursuant to Article 19a or 29a of Directive mortgages. However, the table below provides insights into the 2013/34/EU. This means that for taxonomy reporting as an investor, respective asset classes, where the exposure to undertakings, which the Allianz Group can only consider economic activities of investees in are obliged to publish non-financial information pursuant to Article scope of the NFRD that are, thus, obliged to disclose under Art. 8 of the 19a or 29a of Directive 2013/34/EU, represents the part for which a Taxonomy Regulation. This includes activities of controlled screening for taxonomy eligibility based on data reported by investees subsidiaries, for which we can perform our own assessment of the can take place going forward. underlying economic activities, given that the Allianz Group itself is in scope of the NFRD. On the other hand, several asset classes, which are material for Allianz Group, cannot be considered taxonomy-eligible as Taxonomy eligibility does not assess alignment of the Allianz Group’s of now, such as sovereign bonds or non-E.U. investments. This applies underwriting or investment activities, i.e., it does not serve as a proxy of for both proprietary and third-party assets. how sustainable our activities are. Numbers reported in the table For investments, a look-through approach applies. However below and in the section “Underwriting” above describe the structure investors’ reporting for the financial year 2021 could only be based on of the Allianz Group’s non-life insurance and investment portfolio and estimates due to the fact that investees have not yet disclosed define the scope of future Taxonomy alignment assessment applying taxonomy eligibility. According to the latest implementation guidance Taxonomy Regulation as of the balance sheet date. Due to the limited by the European Commission, such estimated values may only be number of economic activities in scope of the Taxonomy so far, and the reported on a voluntary basis and must not form part of the focus on a subset of investees and asset classes, the eligibility figures mandatory disclosures. Considering the limited reliability of estimated for investment activities are rather small compared to the whole taxonomy eligibility information at this stage, the Allianz Group will not investment portfolio. The foreseen enrichment of the Technical report voluntary data for the financial year 2021. Screening Criteria for further environmental objectives, potential extensions of the Taxonomy Regulation, and implementation of Taxonomy eligibility can at this stage only relate to climate change guidance might have a significant impact on Taxonomy eligibility mitigation and climate change adaptation (or both). classification in the future. 1_Based on unconsolidated LoB information. Annual Report 2021 − Allianz Group 73