Foreword

Swiss Life is committed to the goals of the Paris Agreement and hence also to the transition to a low-carbon and climate-resilient economy. For this reason, Swiss Life has been publishing an independent climate report since 2021 as a supplement to its sustainability reporting. The report, which is based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), shows how Swiss Life is addressing climate change and what progress has been made.

The climate strategy is part of Swiss Life’s sustainability strategy and is thus also an element in the Group-wide strategic programme “Swiss Life 2024”. The focus is on those areas in which direct influence can be exerted and in which a corresponding impact can be achieved. The associated targets include a 35% reduction in CO₂ emissions per full-time equivalent (FTE) by 2024 compared to 2019. The company is also taking responsibility in its capacity as a major real estate owner: for properties directly held in the Proprietary Insurance Asset Management (PAM) portfolio, it is targeting a 20% reduction in carbon intensity by 2030 compared to 2019.

Continuous efforts are being made to achieve the targets set under the climate strategy and to further refine best practices. Amongst other developments, the 2023 reporting year saw progress in terms of data quality and transparency in particular. By acquiring certificates corresponding to the measured, unavoidable CO₂ emissions from operational activities, Swiss Life has supported selected climate change mitigation projects in its core markets since 2022. Therefore, operational activities at Swiss Life have been net zero since 2022. The directly held properties in the PAM portfolio are well positioned in terms of carbon intensity compared to the average real estate stock of the countries in which Swiss Life operates.

Another element in the sustainability and climate strategy is the integration of sustainability and climate aspects into the existing risk management structures in order to ensure the future resilience of Swiss Life’s business model. Moreover, Swiss Life is convinced that the transition to a low-carbon and climate-resilient economy also offers opportunities. Thus, wherever appropriate, it is also integrating sustainability and climate factors into its product and service offering and into its advisory activities.

In line with legal requirements for non-financial reporting in Switzerland – which, among other things, are based in turn on the “double materiality” principle – this report now addresses aspects of the materiality of impacts on relevant stakeholder groups in addition to the aspects of climate-related financial risks (financial materiality).

Tancredi Tommasina

Group Chief Risk Officer

Christian Amon

Head of Group Sustainability