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. For the carbon intensity calculation, the properties of certain subsidiaries of Swiss Life Ltd that contribute to the carbon intensity reduction target of the Swiss Life Group are also considered.
The governance, strategy and targets of Swiss Life Ltd with regard to climate change correspond to those at Group level. Risk management corresponds to risk management at Group level, including with regard to climate-related 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 following quantitative information on climate-related financial risks refers to the PAM Portfolio of Swiss Life Ltd.
Swiss Life Ltd contributes to the reduction target for the carbon intensity of the directly held PAM real estate portfolio of the Swiss Life Group. For 2022, the carbon intensity1 of the properties of Swiss Life Ltd that contribute to the Swiss Life Group’s reduction target is 17 kg CO₂e/m2. For the background on the carbon intensity of the PAM real estate portfolio held directly for investment purposes at Group level, please refer to the notes in the “Metrics and Targets” section.
Further information about the background to the weighted carbon intensities of the PAM securities portfolio at Group level can be found in the “Metrics and Targets” section.
1 The calculation of the carbon intensity of the PAM real estate portfolio directly held by Swiss Life for 2022 is based on consumption values for 57% of the gross floor area. The remaining share of 43% was estimated in 2022. Information on estimates can be found in the appendix. The greenhouse gas emissions of office buildings used by the company are included in operational ecology and are excluded from the calculation of carbon intensity.
Weighted average carbon intensity of the PAM government bond portfolio1, 2 of Swiss Life Ltd as at 31.12.2023 (allocated to Swiss Life’s Scope 3 emissions, category 15 “Investments”, according to the GHG Protocol Corporate Standard)
| Asset class | Unit | 2023 | ||
|---|---|---|---|---|
| Government bonds | t CO2e/USD million GDP nominal | 160 | ||
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1 For the purposes of the TCFD Report, government bonds only include bonds issued by nation states. Corporate bonds also include covered bonds and bonds issued by government-related entities or supranationals. This deviation from other financial publications is due to the calculation logic underlying the carbon intensity. Green, social and sustainable bonds are included in the same way as bonds without specific reference to sustainability aspects.
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2 The coverage of the weighted average carbon intensity corresponds to over 90% of the amortised costs of the PAM government bond portfolio of Swiss Life Ltd. © 2023 MSCI ESG Research LLC. Reproduced with permission. The data published by MSCI ESG Research LLC as of 31.12.2023 was used.
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Weighted average carbon intensity of the PAM corporate bond and equity portfolio1, 2 of Swiss Life Ltd as at 31.12.2023 (allocated to Swiss Life’s Scope 3 emissions, category 15 “Investments”, according to the GHG Protocol Corporate Standard)
| Asset class | Unit | 2023 (Scopes 1, 2 of issuers) | ||
|---|---|---|---|---|
| Corporate bonds | t CO2e/USD million sales | 91 | ||
| Equities | t CO2e/USD million sales | 96 | ||
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1 For the purposes of the TCFD Report, government bonds only include bonds issued by nation states. Corporate bonds also include covered bonds and bonds issued by government-related entities or supranationals. This deviation from other financial publications is due to the calculation logic underlying the carbon intensity. Green, social and sustainable bonds are included in the same way as bonds without specific reference to sustainability aspects.
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2 The coverage of the weighted average carbon intensities corresponds to over 90% of the amortised costs of the PAM corporate bond portfolio and over 90% of the market value of the PAM equity portfolio of the Swiss Life Group. © 2023 MSCI ESG Research LLC. Reproduced with permission. The data published by MSCI ESG Research LLC as of 31.12.2023 was used.
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