By being signatories and members of a wide range of global sustainability initiatives and principles, we have the possibility to
- Incorporate best practice sustainable development principles into our activities, products, services and investments;
- Work with and learn from our peers through open dialogue and knowledge sharing;
- Collaborate to find solutions that address local and global challenges relevant to our industry and beyond;
- Improve transparency in our own operations and across the value chain.
Green Finance Alliance
In May 2022, UNIQA joined the Austrian Green Finance Alliance as one of nine founding members. This accession comprehensively complements our existing memberships and their objectives in the area of sustainability.
The Green Finance Alliance was launched by the Federal Ministry for Climate Protection, Environment, Mobility, Innovation and Technology (BMK). As one of the world's first government initiatives for a voluntary commitment of financial companies to the 1.5 degree target of the Paris Climate Agreement, it addresses the fulfilment of concrete criteria for our core business. It uses science-based, binding criteria for the companies' investment and insurance business. The catalogue of criteria includes targets for the phase-out of fossil fuels (coal and oil by 2030, natural gas by 2035), the expansion of green business activities and transparent annual climate reporting.
For Green Finance Alliance members, in addition to the obligation to align the core business with the Paris climate goals, a fundamentally climate-friendly behaviour of the company is also envisaged (operational ecology). This includes, for example, a climate-friendly travel policy, the use of green electricity and sustainable procurement.
UN Global Compact
In 2020 UNIQA became a signatory to the UN Global Compact (UNGC) and therefore undertakes to consistently comply with the ten principles of the UNGC. The core areas covered by the UNGC are human rights, labour, environmental protection and anti-corruption efforts. The ten principles of the UNGC have additionally been incorporated into the Code of Conduct applicable throughout the Group, which reflects our corporate culture and governs our responsibilities to our customers, business partners and employees.
Sustainable Development Goals
UNIQA also supports the Agenda 2030 for sustainable development passed by the United Nations in September 2015. At the core of this initiative are the 17
Sustainable Development Goals (SDGs),
, which are subdivided into 169 targets.Four SDGs are particularly relevant for UNIQA: SDG 3 Good health and well-being), SDG 4 (Quality education), SDG 5 (Gender equality) and SDG 13 (Climate action).
UN Principles for Responsible Investments
In 2020 UNIQA signed on to the United Nations Principles for Responsible Investments (PRI), which aim to integrate ESG principles into investment decisions and management. Our guidelines for responsible investments have helped us focus more strongly on sustainability factors in our investing activities. It has become clear that sustainable investments experienced lower fluctuations in value that were easier to cope with. Our prudent economic principles for action also enabled us to successfully mitigate the effects of continued low interest rates.
Net-Zero Asset Owner Alliance
In October 2021 UNIQA joined the
Net-Zero Asset Owner Alliance (AOA).
. The Alliance is an international group of institutional investors delivering on a bold commitment to transition our investment portfolios to net-zero greenhouse gas (GHG) emissions by 2050. Representing approx. $10 trillion assets under management, the United Nations-convened Net-Zero Asset Owner Alliance shows united investor action to align portfolios with a 1.5°C scenario, addressing Article 2.1c of the Paris Agreement.
UN Principles for Sustainable Insurance
UNIQA has been a signatory of the United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Sustainable Insurance (PSI) since 2020. The initiative serves a global framework for the insurance industry to address environmental, social and governance risks and opportunities and intends to better manage opportunities to provide quality and reliable risk protection.
In addition to fulfilling our extensive reporting obligations, we make targeted use of external sustainability ratings to ensure transparency and promote trust among all our stakeholders - customers, employees and investors. The rating results flow into the planning of our sustainability measures year after year and are important points of orientation on our way to an emission-free and sustainable future for UNIQA.
In 2020, UNIQA participated for the first time in the annual ESG sustainability rating of the agency ISS - Institutional Shareholder Services. This rating takes into account not only environmental factors, but also social and governance issues. In 2020, UNIQA was given a rating of C-, which is just below the threshold for the "Prime" segment from C upwards. Even with the C- rating, UNIQA is among the best 20 per cent of all rated insurance companies. In 2021, we succeeded in maintaining our C- rating.
MSCI ESG Research provides MSCI ESG ratings for global listed and some private companies on a scale from AAA (leading) to CCC (lagging), depending on exposure to industry-specific ESG risks and ability to manage those risks relative to peers. In 2021, we received a BBB rating.
Carbon Disclosure Project (CDP)
The Carbon Disclosure Project (CDP) is an international non-profit organisation that analyses and evaluates the climate-related positioning of companies and their management of climate risks and opportunities according to an established and recognised methodology. The coveted CDP rating provides a framework for countries, organisations and companies to orient themselves when planning ESG initiatives. UNIQA underwent a comprehensive assessment for the first time in 2020 and achieved a B- rating. In 2021, we were able to maintain the B-rating result.
We base our sustainability reporting on both mandatory and voluntary international standards and guidelines. Our annual Sustainability Report provides a comprehensive overview of our commitment to and progress on our key sustainability issues.
Sustainability Report 2021
The Sustainability Report 2021 covers the reporting period from 01 January 2021 to 31 December 2021 and was published on 08 April 2022. It was prepared in accordance with the Global Reporting Initiative GRI "Core Option" standards.
Non-financial summary report 2021
The condensed non-financial report 2021 was prepared in accordance with the Austrian Sustainability and Diversity Improvement Act (NaDiVeG) (EU Directive 2014/95/EU), covers the reporting period from 01 January 2021 to 31 December 2021 and will be published as such in the Annual Report 2021.
Data and verification
To enhance the quality of our sustainability reporting, both our Sustainability Report and our Non-Financial Report have been audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC) since the 2019 reporting year.
You can find our current reports here.