Materiality matrix

Swiss Life has reported on the basis of the GRI standards since 2016. In 2015 it produced the first version of its materiality matrix in a multi-step materiality process involving internal and external stakeholders. The matrix has been continuously refined since then. Swiss Life undertook the most recent thorough revision of its materiality matrix in 2022 and has since reported according to the principle of “double materiality”: On the one hand, this maps the relevance of nine sustainability topics to Swiss Life’s long-term business success (“outside-in”), while on the other hand it reflects the relevance of Swiss Life’s activities to sustainable development in the context of the selected sustainability topics (“inside-out”). The matrix meets the regulatory requirements.

In a multi-stage process, Swiss Life elaborated the material topics along the value chain in 2022 together with internal and external stakeholders. From a broad range of topics based on inputs from sustainability ratings and analyses, market comparisons and regulatory developments (the “long list”), Swiss Life compiled a consolidated and grouped overview of potentially relevant topics (the “short list”). For these topics, Swiss Life then identified possible positive and negative impacts on the economy, society and the environment. Members of the extended Corporate Executive Board played an active role in preparing the materiality analysis, which included reviewing the preselection of key topics and assessing and evaluating their relevance to Swiss Life’s business success. The result is an exhaustive list of topics relevant to Swiss Life for further evaluation.

As a next step, Swiss Life conducted an online survey asking key stakeholder groups how they rate the impact of Swiss Life’s activities on sustainable development. More than 500 individuals, including customers of all divisions, analysts, investors, journalists, business partners, service providers and suppliers, employees and representatives of companies in the sustainability field, took part in the survey.

Plausibility check 2023

During the year under review, Swiss Life reviewed its materiality matrix in an extensive process, particularly against the backdrop of additional regulatory requirements. The objective of the review was to strengthen the methodological basis and the evaluation methodology. Accordingly, both the materiality of the effects (inside-out) and the financial materiality (outside-in) were reviewed.

The materiality of the impacts and the risks for the stakeholders were evaluated by a selected group of stakeholder representatives, specialists and representatives of the divisions on the basis of various criteria, such as probability, scope, extent and irremediable character. The evaluation of financial risks was supplemented by an additional assessment of the probability and of the financial impact. This was carried out in consultation with subject specialists and representatives of the risk departments and validated by the Group CRO.

The matrix complies with regulatory requirements. The plausibility check did not bring about any changes in the positioning of the individual themes in the Swiss Life Group materiality matrix in the 2023 financial year.

Materiality matrix of the Swiss Life Group

Swiss Life has summarised the key issues in the matrix shown and addresses them in its reporting, in particular in the present Annual Report and Sustainability Report as well as in additional reports such as the TCFD Report and the Swiss Life Asset Managers report on Responsible Investment.

The TCFD Report is available at www.swisslife.com/en/tcfd-report

The Responsible Investment Report is available at www.swisslife-am.com/rireport