Sustainability Report 2021 05.1 Target and achievement tables 01 Introduction Climate-related targets Topic Targets 2021 Progress and Achievements 2021 Targets 2022 and beyond Reference 02 Measuring and Board target Set long-term and intermediary climate We have set long-term and intermediary climate targets As intermediary target, we aim to reduce our emissions managing sustainability targets (2025) for proprietary investments in (see also Targets 2022 and beyond). We are working towards in listed equities and corporate bonds by 25 % by Decarbonizing line with 1.5ºC based on AOA framework for our first intermediate 2025 target as part of our ‘Net-Zero by year-end 2024 compared to 2019 baseline. The fully 03 Str engthening our investments target setting. 2050’ commitment for our proprietary investment portfolio. owned real estate portfolio will be in line with our foundation scientifically based 1.5˚C pathways by year-end 2024. 04 Climate-r elated We also set emission reduction and engagement financial disclosure targets for our infrastructure portfolio in line with 1.5˚C pathways. 05 Our universal principles Phase out of • Fully phase out coal-based business In 2021, we tightened our coal approach in both proprietary • Fully phase out coal-based business models across For further insights into our divestments, 05.1 Target and achievement tables coal-based models across our proprietary investments investments and Property-Casualty underwriting by also our proprietary investments and P&C portfolios by please refer to section 02.2. 05.2 How we report: transparent business models and P&C portfolios by 2040 at the latest restricting companies that plan new thermal coal assets 2040 at the latest. reporting, ratings and performance along 1.5ºC pathway. or have still a major coal business in place (5 gigawatts of • Reduce threshold for coal-based business models 05.3 Materiality • Engage with companies in proprietary installed coal capacity or 10 million tons mined annually). for P&C insurance as well as investment portfolios 05.4 Stakeholder engagement investment as well as P&C portfolios to from current 30 % to 25 % as of 31 December 2022. 05.5 Sustainability governance move away from coal. 05.6 Our commitment to human rights Net-Zero Asset • Further increase the number of members Together with our partners at the AOA we achieved Work across all dimensions of the Alliance 05.7 Our impact on the U.N. Sustainable Owner Alliance and assets under management. the following: commitment and target-setting protocol. Development Goals • Develop inaugural Target-Setting Protocol. • Grew to 65 members across three continents with > USD 10 By 2023: Disclosure of quantitative joint 05.8 Independent practitioner’s report tn AUM. Alliance report. on a limited assurance engagement • Engage with policymakers, regulators, on sustainability information sectors and companies. • Developed 2nd version of the Target-Setting Protocol. • Conducted engagements with policymakers, regulators, energy agencies, sectors and companies. • Number of position papers and statements published. • Published first Alliance progress report. Net-Zero Actively contribute to the establishment of the Allianz co-founded the U.N.-convened Net-Zero Insurance • Transitioning all operational and attributable Insurance Alliance U.N.-convened Net-Zero Insurance Alliance Alliance alongside other insurance firms around the world. GHG emissions from its insurance and reinsurance alongside other insurance firms around underwriting portfolios to net-zero GHG emissions the world. by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels. Launch of the NZIA Target-Setting Protocol is expected at the latest in January 2023. First individual intermediate targets for 2030 are expected to be released by mid-2023 at the latest. 98