Information on climate-related financial risks for Swiss Life Ltd
Swiss Life Ltd comprises the insurance business in Switzerland and the branch office in Germany.
The governance, strategy and targets of Swiss Life Ltd with regard to climate change correspond to those at Group level. The risk management of Swiss Life Ltd corresponds to the risk management at Group level, also with regard to climate risks. As Swiss Life Ltd forms the core component of the Swiss Life Group, the risk profile of Swiss Life Ltd largely corresponds to the risk profile at Group level.
The quantitative information on climate-related financial risks presented in the table refers to the PAM securities portfolio of Swiss Life Ltd. For information concerning the weighted average carbon intensity of the PAM securities portfolio at Group level, please refer to the section “Metrics and Targets”.
Weighted average carbon intensity of the Swiss Life Ltd’s PAM securities portfolio1 as at 31 December 2022
| Asset class | Unit | 2022 2 | ||||
|---|---|---|---|---|---|---|
| Government bonds | t CO2e/USD million GDP nominal | 171 | ||||
| Corporate bonds | t CO2e/USD million sales | 138 | ||||
| Equities | t CO2e/USD million sales | 146 | ||||
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1 In the context of the TCFD Report, government bonds only comprise bonds issued by nation states. Corporate bonds also include covered bonds as well as bonds issued by state-affiliated companies and supranationals. This deviation from other financial publications is due to the calculation logic underlying the carbon intensity.
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2 The weighted average carbon intensity values correspond to more than 90% of the amortised costs of the analysed PAM government bond portfolio, more than 80% of the amortised costs of the analysed PAM corporate bond portfolio and more than 90% of the market value of the analysed PAM equity portfolio of Swiss Life Ltd. © 2023 MSCI ESG Research LLC. Reproduced by permission. Data from MSCI ESG Research LLC is as at 31 December 2022
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Swiss Life Ltd contributes to the reduction path for the carbon intensity of the directly held PAM real estate portfolio of the Swiss Life Group. The baseline for Swiss Life Ltd in 2019 was 19 kg CO₂ e/sqm and was supplemented by two additional metrics: 18 kg CO₂ e/sqm for 2020 and 20 kg CO₂ e/sqm for 20211.
For information concerning the resources, measures and cockpit for monitoring target achievement, please refer to the explanations at Group level onwards (section “Metrics and Targets”).
1 Data coverage for the carbon intensity of the PAM real estate portfolio directly held by Swiss Life corresponds to 75% of the floor area in 2019, 72% in 2020 and 62% in 2021. The greenhouse gas emissions of office buildings used by the company are included in operational ecology and are excluded from the calculation of the carbon intensity values.