TCFD Framework Assessment

Swiss Life’s climate reporting is based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which were prepared under the leadership of the G20 Financial Stability Board (FSB). Swiss Life’s climate reporting also meets the regulatory requirements of the Swiss Financial Market Supervisory Authority (FINMA). These requirements currently focus on climate-related financial risks or “financial materiality”.

In addition to the regulatory requirements, legal requirements for non-financial reporting apply in Switzerland as of 2024 and with reference to the 2023 financial year (indirect counter-proposal to the Responsible Business Initiative). In this context, the concept of “double materiality” is to be taken into account, among other things. Double materiality comprises financial materiality plus the impact materiality for relevant stakeholder groups. Thus in addition to the aspects of financial materiality previously covered, this climate report now also addresses aspects of impact materiality for stakeholders with regard to climate.

The approach of the TCFD framework encompasses four core elements and acts as a guide for companies on addressing and disclosing climate-related risks and opportunities. The resulting transparency and comparability in the area of climate-related risks and opportunities can serve as the basis for an orderly transition to a low-carbon and climate-resilient economy. From 2024, the FSB’s International Sustainability Standards Board (ISSB) will assume responsibility for monitoring the progress of companies’ climate-related disclosures.

Core elements of the TCFD recommendations

For several years now, Swiss Life has been publishing a Sustainability Report within its Annual Report in accordance with international standards. This comprehensive reporting is supplemented by the publication of the climate report.