Foreword

Swiss Life is well aware that climate change is a global challenge that can only be solved at a global level. Swiss Life wishes to contribute to the transition to a low-carbon and climate-resilient economy in line with the Paris Agreement. 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 an important part of Swiss Life’s sustainability strategy. In addition to the financial targets, the sustainability targets in the now concluded “Swiss Life 2024” Group-wide programme were also achieved or exceeded. For example, CO₂ emissions per full-time equivalent from the company’s own business operations were reduced by 40% compared to 2019, exceeding the target of -⁠35%. At present, Swiss Life is also very well on track to achieve its target of a 20% reduction in the carbon intensity of properties held directly for investment purposes by 2030 compared to 2019.

Swiss Life is systematically continuing its sustainability strategy and, by extension, its climate strategy in the new “Swiss Life 2027” Group-wide programme. The focus is on those areas in which direct influence can be exerted and in which a corresponding impact can be achieved. Continuous efforts are being made to achieve the targets set under the climate strategy and to further refine best practices.

The associated targets include a 50% reduction in CO₂ emissions per full-time equivalent from the company’s own business operations by 2027 compared to 2019. In addition, Swiss Life is investing in climate change mitigation projects in its core markets, acquiring certificates to offset unavoidable emissions from business operations. This commitment dates back to 2022.

In addition, Swiss Life 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 continues to pursue its target of a 20% reduction in carbon intensity by 2030 compared to 2019. 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-related aspects into the existing risk management structures in order to ensure the 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. It is thus also integrating, in line with demand, sustainability and climate-related aspects 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 addresses aspects of the materiality of impacts on relevant stakeholder groups in addition to the aspects of climate-related financial risks (financial materiality) already covered due to supervisory requirements

Tancredi Tommasina

Group Chief Risk Officer

Christian Amon

Head of Group Sustainability