EU Taxonomy Information for the Insurance Group
Below are key metrics relating to investments pursuant to Article 8 of the EU Taxonomy Regulation and the Delegated Regulation (EU) 2021/2178.
The EU Taxonomy of June 2020 is being gradually fleshed out by “delegated acts”. In line with Article 8 of the EU Taxonomy Regulation in conjunction with Delegated Regulation (EU) 2021/2178, Swiss Life is publishing key metrics on taxonomy-eligible and taxonomy-aligned investments as at 31 December 2023 for the two environmental objectives climate change mitigation and climate change adaptation. For the first time, moreover, Swiss Life is publishing key metrics on taxonomy-eligible investments for the remaining four environmental objectives: sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems. As the Swiss parent of EU companies, Swiss Life voluntarily publishes the metrics for insurance companies in respect of investments, with discharging effect for its EU subsidiaries.
In this regard, Swiss Life focuses on companies that fall within the scope of application of the European Non-Financial Reporting Directive (NFRD). Under the EU Taxonomy Regulation, investments with governments, central banks and supranational issuers as well as other assets (e.g. receivables from reinsurers or deferred tax assets) are excluded from the analysis. Investments for life insurance contracts for which the investment risk is borne by the policyholders are included in the analysis.
Valuation according to the market value approach was used to determine the taxonomy-related metrics for investments. A look-through was carried out for investment funds where data was available. The classification of securities (corporate bonds and equities) was based on the EU Taxonomy Compass (NACE1 code mapping) and the respective revenues and capital expenditure reported by the companies. The latter information is obtained from external data providers. The sustainability strategy, also in the context of product development, is explained in the sections “Sustainability Strategy,” “Sustainability as an Asset Owner and Manager” and “Sustainability in Insurance and Advisory”.
Aspects of climate change mitigation and adaptation to climate change are discussed in the TCFD Report, which can be downloaded at www.swisslife.com/en/tcfd-report.
1 Nomenclature statistique des activités économiques dans la Communauté européenne (economic classification system)