Sustainability Report 2021 03.1 Corporate citizenship 01 Introduction Underlying our overarching social approach 03.1.2 Shaping a positive exposed shortcomings, risks, and inequalities 4 (see section 01.4), we have further evolved its Building confidence future for next generations in education both within and across countries. 02 Measuring and Corporate Citizenship Strategy, to fully live our in tomorrow… We have provided opportunities for people with managing sustainability responsibility towards society. We are deeply Today’s children and youth are the leaders, disabilities for many years. Now, as a Worldwide aware that our actions have the potential to … through our commitment to the employees, customers, and investors of tomorrow Paralympic Partner, we became one of the 13 03 Strengthening influence the future living conditions and well- U.N. Sustainable Development Goals but they face significant barriers to inclusion in Iconic Leaders of The Valuable 500, a global our foundation being of next generations. Our decisions today A key objective of our strategy is our a world beset with inequality and the impacts movement working to put disability on the 03.1 Corporate citizenship play an integral part in determining this future. commitment to SDG 8 – Decent work and of climate change. A recent study by Allianz agenda of business leadership. We have made 03.2 Cybersecurity Allianz is committed to having a positive social economic growth. We harness the efforts Economic Research1 found that the impact of support for people with disabilities a main 03.3 Regulatory and public affairs impact. We understand social impact as the effect of our global entities and accelerate the COVID-19 on the future outcomes for Gen Z component of our Corporate Citizenship Strategy 03.4 Compliance our global organization has on the well-being implementation of our Corporate Citizenship (those born between 1995– 2010) are immense, to focus our efforts to unlock barriers for this 03.5 Tax transparency of the community – from global society to local Strategy, we will focus on specific aspects especially in four focus areas of SDG 8: education, group in a more strategic and impactful way. 03.6 Sustainable procurement communities where we live and work. of decent work: The overall goal of SDG 8 labor, inequality, and health. Particularly striking – Decent Work and Economic Growth is to was the increasing high number of youths not in 03.1.4 Measuring our 04 Climate-related 03.1.1 Renewing our Corporate promote sustained, inclusive, and sustainable employment, education, and training (NEET) with social impact financial disclosure Citizenship Strategy economic growth, full and productive knock-on impacts for the longer term. We have a employment, and decent work for all. role to play in ensuring that the next generations To drive our contribution towards creating 05 Our universal principles We continued to evolve our strategy in 2021. can overcome the economic and social impacts systemic change across our target SDGs, we must Our approach is grounded in our company The target 8.5 is about achieving full and of the pandemic and other systematic social understand and improve the impact we create. purpose, our group-wide business strategy, productive employment and decent work risks. Our long-term approach as an investor But measuring and managing impact is not and the local efforts of our operating entities. for all women and men, including for and insurer is an opportunity to offer measures without its challenges, as the long-term effects young people and persons with disabilities, that can mitigate future risks and shape societies of interventions involving multiple stakeholders In our renewed outlook for corporate citizenship, and equal pay for work of equal value. for generations, for example through pension and addressing complex issues can be difficult we centered next generations in our actions. Another target we focus on is 8.6 – systems, environmental and climate protection, to measure. Common frameworks can serve to Based on stakeholder feedback we received, Substantially reduce the proportion of youth education and more. improve social impact measurement. For this we included people with disabilities as a focused not in employment, education, or training. reason, we developed the Allianz Social Impact beneficiary group where we as an organization 03.1.3 Unlocking barriers for Measurement Framework to support local entities feel we can further take responsibility than we We act on target 8.10 (Strengthen the in setting their ambitions and measuring and addressed so far. capacity of domestic financial institutions to people with disabilities reporting on the impact of corporate citizenship Our renewed Corporate Citizenship Strategy will encourage and expand access to banking, People with disabilities make up 15 percent activities locally. We measure: be published in the first half of 2022 and will set insurance, and financial services for all, of the global population; one billion people through our emerging consumer business and experience some form of disability.2 On average • Input – what we contributed targets for 2022 and beyond, as well as defining InsuResilience partnership (see section 02.1). • Output – what happened guidance and criteria for activities under SDGs 8 as a group, people with disabilities are more likely and 13. Our actions around SDG 8 will be closely to experience adverse socioeconomic outcomes • Impact – what has changed linked to the other lighthouse SDGs we than persons without disabilities. As COVID-19 We developed separate guidance and tools on have, SDG 13 Climate Action, and SDG 17 continues to have wide-reaching impacts across impact measurement to create a robust data Partnerships for the Goals. the globe, people with disabilities have been process for corporate citizenship activities across uniquely impacted by the pandemic – including our operating entities with a clear set of indicators 3 For young 1 Source: Allianz Research. health, education, transport and more. for reporting impact. 2 Source: World Health Organization. people with disabilities, the pandemic has 3 Source: World Bank. 4 Source: UNESCO. 57