Allianz

Ultimate responsibility for sustainability resides with the Board of Management of Allianz SE. To support it, Allianz established a dedicated Group Sustainability Board, chaired by Dr. Guenther Thallinger and comprising Board of Management members and Group Center heads, meeting at least quarterly. Its members and the Group Chief Sustainability Officer are listed. The Supervisory Board sets and evaluates targets for the Board of Management, and its Sustainability Committee (established 2021, meeting at least twice per year, five members) advises on sustainability-related targets. Operational responsibility lies with the Group Center Global Sustainability, headed by the Group CSO who reports to the Chairperson of the Group Sustainability Board. Group Committees (Finance and Risk, Underwriting, Investment) embed sustainability in decision-making. Subsidiaries maintain local sustainability governance with a responsible Board member, a Sustainability Lead, and a Human Rights Officer. Information on body composition, gender diversity, and members' experience is in the Corporate Governance Statement.

During Group Sustainability Board meetings, sustainability-related matters from internal and external stakeholders are addressed, including all material impacts, risks, and opportunities from the double materiality assessment. The Board provides regular updates to the Supervisory Board's Sustainability Committee on material topics. The process, methodology, and outcome of the DMA were reviewed and endorsed by the Group Sustainability Board and the Board of Management in 2024, with approval granted during the 2024 Annual Report sign-off. The Sustainability Committee's objectives include advising the Supervisory Board, monitoring oversight of the Management Board's sustainability strategy, and preliminary examination of the Sustainability Statement. The Audit Committee of the Supervisory Board receives quarterly updates on the CSRD implementation project. Periodic reporting of risk assessment and internal control findings reaches the administrative, management, and supervisory bodies through channels including Diligence Meetings, and the Sustainability Statement is integrated into the Management Report.

Incentive schemes and remuneration policies for members of the administrative, management, and supervisory bodies are described in the Remuneration Report and the Governance information section. The 2024 Board of Management targets are presented in table GOV-3.2, showing targets and 2024 achievements; these KPIs also steer business functions and local subsidiaries. Sustainability-related targets linked to remuneration span overarching ambitions (strong DJSI/S&P Global CSA and MSCI positions, sustainable solutions), environmental decarbonization, social customer loyalty (dNPS), employee engagement (IMIX and WWI+), employability and lifelong learning, and governance leadership. The 2024 targets are reported in this format for the last time. An outlook for 2025 reflects a Group target (Sustainability basket, with decarbonization, customer loyalty, and employee engagement KPIs) and an Individual Contribution Factor per Board member. The Supervisory Board's Sustainability Committee supports the Personnel Committee in preparing the target-setting process and reviewing target fulfillment for the Management Board's remuneration.

Allianz presents a statement on due diligence in table form, mapping the core elements of due diligence to sections of the Sustainability Statement. Embedding due diligence in governance, strategy, and business model maps to the Strategy and Materiality sections; engaging with affected stakeholders in all key steps maps to the Interests and views of stakeholders section; identifying and assessing adverse impacts maps to Strategy and Materiality; taking actions to address adverse impacts maps to Sustainability integration and the topical sections E1 to G1; and tracking effectiveness and communicating is also covered. Allianz's human rights due diligence approach is guided by the OECD Guidelines for Multinational Enterprises and the U.N. Guiding Principles on Business and Human Rights, and complies with the German Supply Chain Due Diligence Act. The Allianz Group Human Rights Officer monitors the effectiveness of the human rights risk management system for own operations and supply chains.

The risk management and internal control processes for sustainability reporting form a framework for identifying, assessing, and managing risks. They are documented in the Allianz Functional Rule for Sustainability Reporting, which defines processes, controls, key risks, key controls, and roles. The process leverages established financial reporting processes, including submission and approval of the Sustainability Statement to the Board of Management, and is reinforced by regular internal audits. Data collection uses SAP systems shared with financial reporting to ensure consistency. Main reporting risks identified are potential misstatement and dissemination of incorrect information. A quality assurance process operates at subsidiary level (finance function responsibility, signed off by local CEO and CFO via a Statement of Accountability) and at Group level (sign-off by content owners and Group Center heads via a Group Statement of Accountability). Findings were integrated into the CSRD implementation project, with the Audit Committee receiving quarterly updates and transition to the line function planned by 2025.

Allianz is one of the world's leading insurers and asset managers, serving around 128 million customers in almost 70 countries, including 112 million retail customers. Main business activities include product and service development, marketing, distribution, sales, underwriting, premium handling, policy administration, claims management, and asset and proprietary investment management. Key inputs are employees, information technology, and infrastructure. The upstream value chain covers purchased goods and services from suppliers such as IT providers and contractors, plus reinsurance coverage; own operations include the workforce and property such as buildings and data centers. The downstream value chain covers insurance customers ranging from large corporates to private households, distribution channels (agents and brokers), claims handling, and investment management with joint ventures, associates, and third-party asset managers. The purpose is "We secure your future." Allianz aligns priorities with three UN SDGs (8, 13, 17) and, as a financial services undertaking, is not dependent on specific suppliers or customers.

Allianz states its success is built on stakeholder trust, and stakeholder engagement helps it understand its impacts and shape strategy, activities, and reporting through materiality assessment, customer surveys, and direct engagement. An SBM-2 table sets out key stakeholder groups, why engagement matters, and how Allianz engages: Employees (Allianz Engagement Survey, 360-degree feedback, workers' councils), Investors (Annual General Meeting, roadshows, ratings such as MSCI ESG and DJSI), Customers (surveys, Edelman Trust Barometer, dNPS, Risk Barometer), Investees and asset managers (bilateral and multilateral engagements), and Society, Governments, and Regulators (partnerships, NGO dialogue, roundtables). A group covering all provides the SpeakUp@Allianz worldwide complaints mechanism. Allianz engages with affected communities through due diligence screening under the ASIS, the Speak up tool, and regular NGO dialogue. It participates in sustainability ratings (S&P Global CSA, MSCI ESG) and partnerships and initiatives such as the NZAOA, PRI, PSI, and UN Global Compact to track evolving stakeholder expectations.

The statement of material impacts, risks, and opportunities is presented in a matrix across four value chain dimensions: Insurance, Proprietary investments, Asset management, and Allianz Own Operations (and Supply chain). The CSRD DMA suggests that topics across all topical ESRS are generally material for the Allianz Group, with the level of materiality and number of material matters differing by topic. Climate change (E1) is material from an own operations and value chain perspective; further environmental topics (E2 to E5) mainly relate to financing and insuring corporate customers; social and governance topics (especially S1, G1) are relevant from own operations, while S2, S3, and S4 are relevant in the value chain. Climate change (E1), Own workforce (S1), and Business conduct (G1) are strategic focuses, alongside customer experience (S4). Resilience is assessed using the 2024 ESG risk inventory and mitigation measures. Financial effects arise over short, medium, and long term; current financial effects are limited, with proprietary investments the assets most at risk.

The CSRD double materiality assessment follows the double materiality principles per CSRD/ESRS and the EFRAG Implementation Guidance on value chain and materiality assessment from May 2024. It identifies material impacts, risks, and opportunities arising in the short (up to one year), medium (one to five years), or long term (more than five years). In scope, it covers both the topical ESRS sustainability matters and Allianz-specific matters not sufficiently covered, and is conducted alongside the Group's value chain, considering differences between subsidiaries. A 2023 assessment covered impact materiality (impacts on people and planet) and financial materiality (risks and opportunities), and was updated in 2024. The process includes multiple iterations of feedback and validation with internal business owners and experts, informed by sustainability processes and guidelines. A yearly review and recalibration incorporates evolving regulation, recent portfolio information, external data sources, and internal experts' views. The 2024 update generally confirmed the relevance of previously identified matters; cybersecurity is addressed in other sections. The DMA was reviewed and endorsed by the Group Sustainability Board and Board of Management.

Allianz's identified material sustainability matters trigger different disclosure requirements, datapoints, and metrics that form the basis of the Sustainability Statement. Allianz closely follows ESRS provisions when setting reporting boundaries, while considering the qualitative characteristics of reported information: relevance, faithful representation, comparability, verifiability, and understandability. Metrics or qualitative information are only omitted when the information is not material in line with the CSRD DMA, or is not applicable to Allianz and its business model as a financial undertaking. A detailed list of the disclosure requirements complied with is provided in the section List of ESRS disclosure requirements complied with. The section Datapoints that derive from other E.U. legislation includes all datapoints derived from other European Union legislation.

Allianz has a net-zero transition plan, first published as the Inaugural Net-Zero Transition Plan in September 2023, committing to net-zero GHG emissions by 2050 for its proprietary investment portfolio, Property-Casualty insurance portfolio, and own operations. To deliver this, Allianz set 2030 intermediate targets (defined as year-end 2029) consistent with a maximum temperature rise of 1.5 C, taking into account IPCC findings. Key decarbonization actions span restrictions on fossil fuels, strategically steering portfolios, engaging clients and investee companies, improving energy management across operations, and scaling up renewable energy and low-carbon technologies. Targets are aligned with science-backed scenarios such as the IPCC AR6, the IEA Net-Zero by 2050, and the One Earth Climate Model. The base year is 2019 for proprietary investments and own operations, and 2022 for Property-Casualty insurance. The plan was approved by the Allianz SE Board of Management; the Supervisory Board is informed but not required to approve it. Allianz is not excluded from EU Paris-aligned benchmarks and did not use carbon removals or credits in 2024.

Allianz's climate policies are anchored in group-wide corporate rules: the Allianz Standard for Investments (ASIS), the Functional Rule for Sustainability in Investments (FRSI), the Standard for P&C Underwriting (ASU), and the Functional Rule for Sustainable Operations (FRSO). Within ASIS, four energy-related guidelines apply to proprietary investments and commercial Property-Casualty insurance, including facultative reinsurance: thermal coal (introduced 2015), oil sands (2021), oil and gas (2022), and renewable/low-carbon energy (2023). The three fossil fuel guidelines define exclusion criteria at single-site and company level, while the Renewable/Low-Carbon Energy Guideline allows ring-fenced coverage and investment. The guidelines are owned by Global Sustainability and authorized by the Board of Management. The Sustainable Solutions framework, governed by the ASU, guides insurance products supporting climate adaptation and mitigation. For asset management, AllianzGI applies a Climate Policy Statement across third-party assets, while PIMCO has sustainability statements not considered ESRS policies. For own operations, the FRSO targets energy efficiency, renewable electricity, sustainable heating and cooling, and a green fleet.

Across portfolios, Allianz uses two decarbonization levers: portfolio companies (customers and investees) reducing their emissions, and Allianz steering portfolio composition. In insurance, actions include engaging customers on decarbonization (transition, transparency and knowledge-sharing engagements, motor BEV engagements targeting 20 million customers by 2030), portfolio steering, applying energy guidelines, and growing low-carbon solutions. In proprietary investments, actions include engaging investee companies and asset managers, restricting fossil fuel business via the Group Risk Global Restricted List, aligning high-emitting sectors (oil and gas, utilities, steel) with the IEA Net-Zero 2050 scenario, and investing in low-carbon solutions, which reached EUR 43.5 bn (up EUR 6.5 bn) at year-end 2024. For real estate, actions cover energy performance monitoring, efficiency improvements, refurbishments, tenant engagement, and portfolio changes. In own operations, the three levers are renewable energy, energy efficiency, and green mobility, with actions covering renewable electricity procurement, reducing electricity and heating consumption, green fleet transition, and air travel optimization including SAF. Allianz relies on specialized in-house teams and is not dependent on separate resource allocation.

Allianz set 2030 intermediate targets (year-end 2029). For proprietary investment corporates, targets are a 50% reduction in absolute financed emissions for listed corporates and a 50% reduction in gross emission intensity for listed and non-listed corporates, both against a 2019 baseline; by 2024, listed corporate absolute emissions were already down 50.7% and intensity down 46.5% (57.8 t CO2e/mn EUR). Real estate targets align with CRREM 1.5 C pathways, with intensity falling to 21.0 kg CO2e/m2 (from 33.5) and a year-end 2029 target of about 20 kg CO2e/m2. For commercial insurance, a 45% reduction in insurance-associated emission intensity by 2030 versus a 2022 baseline (0.23 vs 0.26 kt CO2e/mn EUR premium in 2024, down 11.7%). For motor retail, a 30% reduction in absolute carbon emissions by 2030 versus 2022 across nine European markets (1.95 mn t CO2 in 2024, down 6.8%). For own operations, a 65% reduction in GHG emissions per employee by 2030 versus 2019 (Scope 1: 66%, Scope 2: 89%, Scope 3: 42%), with 62% achieved by 2024. Low-carbon solution investments target EUR 57 bn by 2030.

Total energy consumption of Allianz own operations was 1,065,452.4 MWh in 2024 (2023 not available). Renewable energy accounted for 709,153.6 MWh, or 66.6% of the total, comprising purchased or acquired renewable electricity, heat, steam and cooling of 587,554.0 MWh (55.2%) and self-generated non-fuel renewable energy of 121,599.6 MWh (11.4%). Non-renewable energy consumption was 356,298.7 MWh (33.4%), of which fossil energy was 348,703.4 MWh (32.7%) and nuclear sources 7,595.3 MWh (0.7%); there was no fuel consumption from renewable or other non-renewable sources. The share of renewable electricity in Allianz's electricity mix was 100% in both 2024 and 2023, meeting the RE100 commitment. Energy production totaled 4,937,792.7 MWh, entirely renewable (100%), mainly electricity produced by renewable energy assets owned by Allianz. About 40.5% of Scope 2 energy was covered by contractual instruments (11.6% unbundled, 28.9% bundled).

For 2024, Allianz Group gross Scope 1 GHG emissions were 53,884.6 t CO2e (down 11.0% from 60,552.4), split into own operations (36,160.9) and on-balance real assets (17,723.7). Gross Scope 2 emissions were 193,109.3 t CO2e location-based and 58,751.2 t CO2e market-based. Total Scope 3 emissions were 48,820,056.5 t CO2e (down 15.0%), dominated by category 15 investments (48,626,453.1) plus category 13 downstream leased assets (90,974.1). Total Group GHG emissions were 49,067,050.4 t CO2e location-based and 48,932,692.3 t CO2e market-based. Proprietary investment financed emissions were about 49 mn t CO2e (2023: 57 mn), covering 64% of the investment book value. Own operations emissions were 924.1 kg CO2e per employee (market-based), comprising Scope 1 of 230.9, Scope 2 of 38.0, and Scope 3 of 655.3. Insurance-associated emissions were about 1.02 mn t CO2e for commercial (intensity 0.23 kt CO2e/mn EUR premium) and 1.95 mn t CO2 for motor retail. Total GHG including insurance was 52,034,326.8 t CO2e location-based.

Allianz addresses material pollution impacts across its Property-Casualty insurance and proprietary investments through the ASIS and FRSI. The ASIS incorporates screening criteria to identify, address, and mitigate business activities contributing to negative air, water, and soil pollution (excluding GHG emissions and waste), as part of its referral and due diligence process. Screening currently focuses on Sensitive Business Areas (SBAs) of Mining, Oil and Gas, Nuclear Energy, Hydro-Electric Power, Agriculture, Fisheries and Forestry, and Infrastructure. It assesses impacts from inappropriate use of pesticides, fertilizer, insecticides and other chemicals, palm oil clearance by fire or on peatlands, cyanide use, and riverine or submarine tailings disposal, and identifies substances of concern (SOC) and very high concern (SVHC), mainly in Mining and Agriculture, Fisheries and Forestry. The ASIS does not specifically address the substitution or phasing out of these substances. It also screens Oil and Gas for the lack of spill management, response, and remediation plans. The FRSI governs the proprietary investment portfolio, covering pollution matters via the Adverse Impact Steering process for listed assets and the ASIS referral process for non-listed assets.

As an institutional investor, Allianz identifies engagement as one of the most effective actions to reduce negative pollution impacts and mitigate risks. In 2023 it became a member of the Investor Initiative on Hazardous Chemicals (IIHC), which advocates for enhanced transparency and disclosure from chemical companies on hazardous substances, calls for time-bound phase-out plans for products containing persistent chemicals, and promotes safer alternatives. Over 70 investors with USD 18 tn in assets under management are involved, engaging with more than 50 companies across regions over several years. Allianz contributes to collaborative policy engagement and to two company engagements. Allianz states it does not have actions for its insurance portfolios concerning pollution specifically; however, several climate change actions also mitigate its pollution impact, such as engaging with customers to support their transition to electric mobility. For its Property-Casualty retail portfolio, it will monitor the shift toward electric mobility in the retail motor and transport sectors and explore how best to address this in the future.

For its insurance and proprietary investment portfolios, Allianz has not yet set any measurable outcome-oriented targets for pollution. It describes this as an emerging, complex, and multi-faceted area where target implementation is currently challenging for insurers and investors due to the lack of standardized methodologies and metrics for target-setting, as well as data availability challenges. Allianz states it is currently in a phase of learning and developing its understanding of these emerging sustainability issues, and exploring how best to address the topic in line with its CSRD DMA.

Allianz addresses material water and marine resource impacts across its Property-Casualty insurance and proprietary investments through the ASIS and FRSI. The ASIS screens business transactions in the Sensitive Business Areas (SBAs) of Infrastructure, Oil and Gas, Hydro-Electric Power, and Agriculture, Fisheries and Forestry as part of its referral and due diligence process. Water management screening in Infrastructure, Oil and Gas, and Hydroelectric Power targets impacts such as ground and surface water extraction from hydraulic fracturing, lack of water reclamation in tar or oil sands tailing ponds, and up- and downstream flooding impacts. Oil and Gas is screened for severe damage in the Arctic Circle, including offshore drilling, with additional restrictions on ultra-deep-sea drilling per the Allianz Statement on Oil and Gas-based business models. Agriculture, Fisheries and Forestry screening covers unconventional aquaculture and damaging fishing techniques such as bottom trawling. Given the digital nature of its financial products, Allianz has not adopted policies on water treatment, sourcing, or reducing water consumption in water-risk areas. The FRSI covers the matters "Water consumption" and "Water withdrawals" for proprietary investments.

Allianz states it has not set any measurable outcome-oriented actions for water and marine resources across its insurance and proprietary investment portfolios. It describes water and marine resources as an emerging area for insurers. Through its due diligence and screening of business transactions, Allianz seeks to identify adverse water and marine resource-related impacts, alongside risk management activities to monitor and mitigate the associated risks, as outlined in its Sustainability integration section. Allianz says it will continue to develop its actions to better identify, manage, and mitigate negative impacts and risks associated with water and marine resource use.

Allianz has not set any measurable outcome-oriented targets for water and marine resources across its insurance and proprietary investment portfolios, describing it as an emerging, complex, and multi-faceted area challenged by a lack of standardized methodologies and metrics and by data quality and coverage constraints. As part of the CSRD DMA, water was deemed not material for Own Operations. However, Allianz had previously set a voluntary reduction target across Allianz Own Operations of 10 percent water consumption per employee by year-end 2025 versus a 2019 baseline. With a baseline value of 1,984,896 m3, this translated to an absolute water consumption target of 1,786,406 m3 by year-end 2025. As of 2024, the Allianz Group had already exceeded the planned year-end 2025 target. Because water was deemed not material, the Allianz Group will no longer track this target or report on associated metrics.

To address biodiversity within its Property-Casualty insurance and proprietary investments, Allianz focuses on due diligence processes to identify, address, and mitigate business activities that may adversely impact biodiversity and ecosystems, along with risk management activities and engagement initiatives. For asset management, AllianzGI and PIMCO align with fiduciary obligations to meet customer needs. Allianz assesses its biodiversity- and ecosystem-related physical and transition risks and the resilience of its strategy and business model to material risks, with these risks assessed at a systemic level and a resilience analysis presented separately. It conducted pilot LEAP (Locate, Evaluate, Assess, Prepare) assessments for a small sub-portfolio of proprietary investments, and in 2024 focused on evaluating the data sources and tools available to conduct LEAP assessments across several priority asset classes, planning to consider next steps in 2025. Allianz notes it has not adopted the use of nature-based solutions to date, nor incorporated local and indigenous knowledge or biodiversity offsets into its action plan. The text does not describe a dedicated biodiversity transition plan.

Allianz addresses biodiversity through the ASIS and FRSI. The ASIS screens business transactions in the Sensitive Business Areas (SBAs) of Mining, Oil and Gas, Nuclear Energy, Hydro-Electric Power, Agriculture, Fisheries and Forestry, and Infrastructure. It screens for negative impacts to protected areas (such as UNESCO sites, national parks, native protected areas, and marine protection areas) and primary forests, land degradation, desertification, soil sealing, and deforestation. To address impacts on the state of species, it screens for impacts on endangered species on the IUCN Red List and the absence of mitigation measures, and screens Animal Testing for use of great apes or wild-caught subjects. Agriculture, Fisheries and Forestry screening covers illegal logging and fishing, monoculture, conversion of food crops to energy crops, and site clearing by fire. Current policies do not directly address ecosystem services or product traceability, though screening indirectly addresses ecosystem services. The FRSI covers direct drivers of biodiversity loss, impacts on species and ecosystems, and dependencies on ecosystem services. AllianzGI and PIMCO do not have nature-related policies as defined under ESRS, managing customer assets as fiduciaries per client guidelines.

Allianz identifies multilateral engagement as one of the most effective actions it can take as an institutional investor to mitigate biodiversity-related risks, making it a key area of focus in 2024. It joined several engagement initiatives. Nature Action 100 is a global investor-led initiative aiming to reverse nature and biodiversity loss, with over 230 investors representing a collective USD 30 tn in assets under management and 100 companies identified across eight key sectors; Allianz contributes to two company engagements in the food and beverage retail sector. Spring is a PRI stewardship initiative for nature aiming to halt and reverse forest loss and land degradation through political engagement, with over 220 investors and USD 16 tn in assets under management; Allianz contributes to two company engagements in the mining and food sectors. Mining 2030 is an investor-led initiative for a responsible mining sector, with 82 investors and a combined USD 15 tn in assets under management; Allianz has identified a focus company and plans to commence engagement in 2025. These engagements usually run for several years.

Allianz has not set any measurable outcome-oriented targets for biodiversity and ecosystems across its value chain. It describes this as a challenging area for the insurance industry given its complexity and multi-faceted nature across sector and geographic specificities, and the role of indigenous and other affected communities. Allianz says this is further compounded by constraints related to the measurement of, and accessibility to, comparable disclosed data at scale, standardized methodologies, and metrics. It states it is currently in a phase of learning and developing its understanding of these emerging sustainability areas, and exploring how best to address the topic in line with its CSRD DMA.

Allianz addresses material resource use and circular economy impacts through the FRSO (Framework for Responsible Sustainability in Own Operations), which covers non-renewable resource inflows with special attention to IT equipment, as well as resource outflows, namely E-waste related to IT equipment. The FRSO supports procurement of environmentally friendly and energy-efficient products, moving away from virgin resources by preferentially procuring IT equipment with a higher share of recycled material. It addresses three aspects of the waste hierarchy, re-use, recycling, and disposal, by prioritizing avoidance of e-waste where possible and promoting re-use of end-of-life IT equipment. Allianz has published an internal catalog with minimum standards and recommendations for re-using IT equipment and recycling e-waste. For proprietary investments the FRSI evaluates negative impacts on the circular economy, and supplier requirements are set through the VCoC in the procurement process. Allianz states it has not adopted policies for relative increases of secondary resources and is still in a learning phase.

In its own operations, Allianz's current priority is to collect data on the new IT inflow and E-waste related to IT equipment indicators for the 2024 fiscal year. After this initial data collection process, Allianz will set a baseline and conduct a thorough data analysis, and if actions are required, it plans to define them in the following years. For its insurance and proprietary investment portfolios, Allianz does not yet have any specific actions concerning resource use and the circular economy. Supporting activities include due diligence and screening of business transactions to identify adverse resource use impacts, the ASIS screening criteria to proactively identify business activities with potential adverse impacts across Sensitive Business Areas, and sustainability criteria within procurement tenders for in-scope IT categories. In Property-Casualty motor claims, the repair instead of replace initiative is already in place, supported by lifecycle analysis research showing repairing a damaged vehicle part causes fewer emissions than replacing it.

Allianz states it has not yet set any measurable outcome-oriented targets for resource use and the circular economy across its own operations and value chain. It describes target-setting as challenging for insurers given the complex, multi-faceted nature of the topic, a lack of standardized methodologies and metrics, and data constraints. As Allianz starts reporting resource-related metrics in the 2024 fiscal year for its own operations, it says an assessment of the 2024 baseline needs to be conducted before introducing resource-related operational targets. Allianz notes that in previous years it had set targets to reduce waste by 10 percent per employee by year-end 2025 and paper use by 20 percent per policy by year-end 2025, both against a 2019 baseline. As of 2023 the Group had exceeded both 2025 targets. Because these topics are not material under the CSRD DMA and the targets have been achieved, Allianz will no longer track progress against these matters.

Allianz identifies IT equipment as a material non-renewable resource for its own operations, given its office-based operations' heavy reliance on a diverse array of IT hardware. It defines the IT inflow metric as the total weight of IT hardware acquired. This is determined by multiplying the number of IT equipment items procured by the Allianz Group in the reporting year by the average weight of the corresponding IT equipment category. Data is collected via supplier-based measurement or calculations from subsidiaries within the environmental reporting boundary, extrapolated based on time and for non-covered headcount to cover 100 percent of Group headcount. Nine IT equipment categories were defined and mapped to average weights: notebooks, phones, tablets, monitors, desktop PCs, servers, printers, other lightweight equipment, and other heavyweight equipment. IT software, services, and non-IT electronic equipment such as refrigerators are excluded. The reported IT equipment inflow for 2024 is 328.5 tonnes. As this is the inaugural reporting year, no comparison period is available and the metric was not separately validated by an external body.

Under resource outflows, Allianz has identified e-waste linked to IT equipment as a material topic for its own operations. E-waste linked to IT equipment is the only type of waste considered material for own operations, excluding non-IT electronic equipment such as refrigerators or ovens. Allianz assumes that all e-waste is hazardous and does not consider radioactive waste applicable. E-waste data is either weighed directly or collected as the number of IT equipment items and then converted to weight, applying the same methodology as for IT equipment inflow, with data collected via supplier-based measurement or calculations from subsidiaries within the environmental reporting boundary. Allianz notes that materials arising in Waste from Electrical and Electronic Equipment, and therefore potentially present in its e-waste, include metals such as steel, copper and aluminum, glass, plastics, toxic heavy metals, and hazardous chemicals. As e-waste was reported for the first time, the quality of most data was not sufficient to classify it by recovery category, so a conservative approach was taken.

Allianz reports total E-waste generated of 93.4 tonnes for 2024 under the E-waste diverted from disposal breakdown, split into preparation for re-use of 6.9 tonnes, recycling of 26.0 tonnes, and other recovery operations of 60.5 tonnes; incineration and landfill are reported as zero. E-waste directed to disposal via other disposal operations is 232.0 tonnes. Total E-waste generated overall is 325.4 tonnes, of which non-recycled E-waste generated is 299.4 tonnes, giving a percentage of non-recycled E-waste of 92.0 percent. Non-recycled E-waste is defined as the sum of preparation for re-use, other recovery operations, incineration, landfill, and other disposal operations. Because data quality was insufficient to classify e-waste by recovery category in this first reporting year, e-waste was reported conservatively as other disposal operations where there was no evidence of recovery. Allianz plans to improve data quality and granularity and expects the amount reported as other disposal operations to decrease next year. As this is the inaugural year, no 2023 comparison is available and the metric was not externally validated.

Allianz treats its Corporate Rules, published in the Allianz Corporate Rules Book, as ESRS policies for its own workforce. The Allianz Group Code of Conduct applies group-wide and commits to zero tolerance for discrimination, bullying, or harassment, and emphasizes diversity, equity, inclusion, and health and safety. The Allianz Standard for People and Culture (ASPC) sets People and Culture management principles and applies group-wide except Asset Management subsidiaries. The Allianz Group Remuneration Policy sets compensation principles. The Allianz Functional Rule for Human Rights Due Diligence in Own Operations covers equal treatment, occupational health and safety, freedom of association, living wages, and prohibition of child and forced labor, aligned with the International Bill of Human Rights, ILO core conventions, UNGPs, and the German Supply Chain Act (GSCA). The Allianz Privacy Standard covers employee personal data. Policies are reviewed once a year; the ASPC was updated in 2024.

Listening to and engaging with employees is described as a cornerstone of the People and Culture strategy, with the Allianz SE Board Member for People and Culture setting the approach. The Allianz Engagement Survey (AES) has run globally since 2010 and measures the Inclusive Meritocracy Index (IMIX) and Work Well Index+ (WWI+). In 2024 the IMIX rose 2 percentage points to 83 percent (2023: 81 percent) and the WWI+ rose 3 percentage points to 79 percent (2023: 76 percent). Each subsidiary analyzes results and agrees action plans, with common themes in a global follow-up plan. Biannual global Pulse surveys track AES measures. Results are reported annually to the Allianz SE Board of Management and linked to performance targets. Employee rights are represented through Europe-wide standards and employee representatives at subsidiaries.

For raising concerns, Allianz refers to its global complaints mechanism SpeakUp@Allianz, described under Human rights in own workforce, which lets employees and others raise concerns including risks to and violations of human rights. It is promoted through the Allianz intranet and other channels and forms part of the global training on violation reporting under the GSCA. Employees are also encouraged to use the Allianz Group's whistleblowing tool to report violations of the Code of Conduct, in line with an open communication and feedback culture. Under the GSCA, Allianz establishes due diligence processes to identify, assess, and minimize human rights risks and to stop and mitigate violations, with the Group Human Rights Officer monitoring effectiveness and reporting to the Board of Management. Allianz commits to adequate and effective measures to address confirmed incidents.

Allianz implements specific actions managed by dedicated Group People and Culture functions to act on material impacts, mitigate risks, and pursue opportunities. Actions are set out across the sections on characteristics of employees, engaging with the workforce, DEI, learning and development and performance management, fair remuneration, human rights, and social protection and health and safety. Examples in 2024 include global training initiatives to strengthen digital and data skills including AI (Fit4IT, DataXcellence, AI Run), the Global Inclusion Council and DEI employee networks, and establishment of the global Occupational Health and Safety Management system. Effectiveness of policies is tracked via the Corporate Rules Book process, and AES results are monitored and reported annually to the Allianz SE Board of Management and linked to performance targets. Recognition includes ranking number 17 among the World's Best Workplaces 2024 and number 7 in Europe (GPTW).

Table S1-5 sets out targets under the ASPC for all Allianz Group subsidiaries except Allianz Asset Management, with some exceptions. Engagement targets: IMIX above 75 percent (achieved 83 percent; 2025 target above 77 percent) and WWI+ development (79 percent). Training: 43 hours of learning on average per employee per year (achieved 60 hours). Performance management: 80 percent of the executive population with a Personal Development Plan (achieved 90.8 percent) and 60 percent of non-executives (achieved 74.0 percent). Gender: Allianz Global Executives 30 percent female (30.0 percent), Allianz Senior Executives 30 percent (32.0 percent), Allianz Executives 40 percent (40.5 percent). Generations: at least 25 percent of the workforce younger than 35 (achieved 33.6 percent). The Allianz SE Board of Management sets targets with input from Group People and Culture and monitors progress annually and biannually.

As of 31 December 2024, 154,346 employees held an employment contract with Allianz (2023: 154,862); contracted headcount at consolidated subsidiaries was 156,626. By gender: 81,661 female, 72,644 male, 18 other, and 23 not reported. By contract type (headcount): 145,564 permanent and 8,782 temporary; 131,316 full-time and 18,535 part-time active headcount, plus 4,495 inactive employees and 130 non-guaranteed hours employees. Part-time is heavily female (14,724 female versus 3,809 male). By region, German-Speaking Countries and Central Europe had 35,396; Western and Southern Europe, Allianz Direct and Allianz Partners 39,885; Asia Pacific 15,857; USA 2,396; Global Insurance Lines and other markets 25,207; Asset Management 6,690; Corporate and Other 28,915; Germany 40,104. Total external leavers were 21,119 and the turnover rate was 13.7 percent (2023: 14.0 percent).

Employee rights are protected across subsidiaries through the (European) Allianz SE Works Council and regular dialogue between management, employee representatives, and trade unions, established under the Agreement concerning the participation of employees in Allianz SE. The Works Council generally meets twice a year, its Executive Committee five times, and the pan-European forum four times a year. Allianz supports ILO core conventions on freedom of association and collective bargaining. Total collective bargaining coverage for the Allianz Group was 50.8 percent in 2024 (2023: 48.5 percent). In table S1-8.1, Germany falls in the 60 to 79 percent coverage band, while EEA social dialogue (workplace representation) for Germany is in the 80 to 100 percent band. Coverage reflects employees the subsidiaries are obliged to apply agreements to; additional subsidiaries apply agreements voluntarily.

Allianz reports numerical gender parity overall. In executive (top management) positions there were 6,677 people, 39.1 percent female and 60.9 percent male (2023: 34.3 percent female). Female representation was 30.0 percent in Allianz Global Executive positions (213 roles), 32.0 percent in Allianz Senior Executive positions (793 roles), and 40.5 percent in Allianz Executive positions (5,671 roles). Age distribution (active headcount): employees under 30 were 18.6 percent (27,805), aged 30 to 50 were 55.1 percent (82,531), and over 50 were 26.4 percent (39,515). Employees younger than 35 were 33.6 percent (50,292), aligned with the generations target. Five core diversity dimensions are managed: gender, generations, persons with disabilities, nationalities and ethnicities, and LGBTQ+, supported by 94 employee networks.

Based on the Allianz Functional Rule for Human Rights Due Diligence in Own Operations, Allianz commits to offering an adequate wage to employees in line with applicable laws and benchmarks. To determine whether all employees receive adequate wages, it considers the statutory minimum wage at country or subnational level where applicable; where there is no statutory minimum wage, it uses an adequate wage benchmark determined through a living wage methodology. In accordance with the Group Remuneration Policy, internal and external benchmarking is performed to ensure the appropriateness of individual remuneration and general pay levels. Allianz states that it pays all employees an adequate wage.

Allianz states that nearly all employees have at least access to social protection programs against loss of income due to major life events such as sickness, unemployment, employment injury and acquired disability, parental leave, and retirement, as outlined in the ASPC, supplementing public social security schemes with additional offerings in certain countries. Coverage in 2024 was 100.0 percent for sickness, 99.2 percent for unemployment, 100.0 percent for employment injury and acquired disability, 99.9 percent for parental leave, and 99.7 percent for retirement. Minor exceptions apply in countries such as Malaysia, Singapore, Hong Kong, India, South Africa, and Saudi Arabia, mainly because unemployment benefits are generally not part of the social security system, or because access is limited for working students or interns due to local customs or unavailability.

Allianz prioritizes the health and well-being of employees who are persons with disabilities, noting that each subsidiary must adhere to varying local legal definitions and measurement criteria, so actions are steered locally and monitored globally. Global actions include the Allianz Beyond employee network, which has 16 local networks (four launched in 2024) and focuses on awareness, physical and digital accessibility, and creating a safe space for disclosure. Allianz has been a Valuable 500 member since 2020 and helped define the Valuable 500 Disability Inclusion KPIs, and has partnered with the Paralympic Movement since 2006, hiring 15 Para athletes. In table S1-12, employees with disabilities represented 2.7 percent (data collected under local legislative guidelines), of whom 41.3 percent were male and 58.7 percent female; 2023 was not available.

Average training hours per employee were 60.1 in 2024 (2023: 50.0), with 60.3 for females and 59.8 for males; self-directed and alternative formats accounted for 38.4 percent of total learning hours. Allianz offers a minimum of one hour of working time per week for learning, supporting a target of a minimum average of 43 hours per employee per year. Learning uses the Degreed platform and 2024 initiatives Fit4IT, DataXcellence, and AI Run, plus the #lead Leadership Passport for people leaders and five leadership transition programs. Personal Development Plans (PDP) are used for executives and non-executives: 90.8 percent of Allianz Executives and above had a PDP (2023: 83.9 percent) and 74.0 percent of non-executives. In the performance management review process, 98.7 percent of all employees participated (male 99.1 percent, female 98.4 percent), governed by the Group Remuneration Policy.

Health and safety is managed through the Occupational Health and Safety (OHS) Management system established in 2024, with dedicated GSCA risk experts, at least annual risk assessments covering physical safety, workplace safety, and mental health, and action plans for medium and high risks. Four Minimum Health Requirements (24/7 psychological support via Employee Assistance Programs, leadership enablement, employee feedback, and meeting-free Focus Time) were introduced in 2021. In 2024, 96.9 percent of employees were covered by a health and safety management system. There were zero employee fatalities from work-related injuries or ill health (2023: 1) and zero fatalities of other workers on site. Recordable work-related accidents of employees were 728 (2023: 847), a rate of 3.3 per one million work hours (2023: 3.7). Recordable work-related ill health cases were 274 (2023: 534), and days lost were 21,251 (2023: 20,292).

Allianz supports work-life balance by offering childcare facilities, leisure activities, emergency assistance, and other family services, with family-related leave specific to countries and usually covering maternity, paternity, parental, and carers' leave. Under the ASPC, Allianz strives to entitle employees to family-related leave where it is not already provided through local social policy, collective bargaining agreements, or country-specific regulations, and aims to exceed statutory standards where possible. In 2024, 99.7 percent of employees were entitled to take family-related leave (2023: 99.1 percent). Of all entitled employees, 8.8 percent took family-related leave (2023: 8.6 percent), split 32.1 percent male and 67.9 percent female.

For compensation, in 2024 the entity-specific unadjusted gender pay gap was 25.2 percent, defined as the difference in average pay levels between female and male employees expressed as a percentage of the average male pay level, irrespective of role, seniority, function, or location. Allianz applied the safeguard clause under ESRS 2.5(e) in conjunction with sections 289e and 315c HGB to the disclosure of the gender pay gap ratio in line with ESRS S1-16. The annual total remuneration ratio of the CEO to the median annual total remuneration for all Allianz employees, as defined by ESRS, was 139.9. This ratio uses the Allianz SE CEO as the highest-paid individual; Allianz notes some individuals earned notably more than the CEO, so this figure is not representative of the general remuneration structure, and certain assumptions were made for comparability.

Allianz monitors human rights incidents via its Litigation Proceedings Data Base and Supervisory Proceedings Data Base, applying ESRS definitions of complaints, incidents, and severe human rights incidents (the latter including cases of non-respect of the UNGPs and OECD Guidelines). In 2024, the number of complaints filed by employees through the official Allianz complaints mechanism (SpeakUp@Allianz) was 388, and no complaints were filed to National Contact Points for OECD Multinational Enterprises. There were 31 incidents of discrimination, including harassment, and zero severe human rights incidents related to own workforce. The amount of material fines, penalties, and compensation for incidents related to own workforce was zero (nil). Comparative 2023 figures were not available. The most relevant human rights for the own workforce were identified as equal treatment, adequate wages, freedom of association and collective bargaining, and occupational health and safety.

Allianz addresses material impacts on value chain workers through targeted due diligence with business partners, including due diligence on forced labor and child labor. Value chain workers include those at suppliers, at insured and invested companies, and Allianz tied agents. Allianz is committed to supporting and respecting international human rights as outlined in the International Bill of Rights and ILO Core Conventions, guided by the OECD Guidelines for Multinational Enterprises and the UNGPs. Key policies include the Human Rights Policy Statement, the Allianz Group Standard for Procurement with the Vendor Code of Conduct (VCoC) covering working conditions, equal treatment, other work-related rights, and child and forced labor, the ASIS for insured companies and non-listed investees, and the FRSI for listed proprietary investments. For tied agents there are no standardized Group-wide policies; Allianz relies on local policies and local Codes of Conduct signed at onboarding.

Allianz states it has not adopted a dedicated process to engage with value chain workers. Instead, human rights issues can be addressed through existing engagement channels. Allianz conducts regular dialogues with NGOs to discuss potential social and environmental impacts of its operations and business, including impacts on value chain workers. This ongoing dialogue helps Allianz stay informed about possible impacts and address concerns proactively. The complaints mechanism, NGO dialogue, and other channels allow engagement with affected value chain workers.

Everyone inside and outside Allianz can report issues related to the human rights of workers in the value chain through the independent complaints mechanism, SpeakUp@Allianz, further detailed in the G1 Business conduct section. If human rights violations are identified in the supply chain, Allianz seeks to take remedial action in line with its ability to influence suppliers, and will sever the supplier relationship as a last resort. In the SBA screening, if negative information on impacts is identified, the referral process is triggered. In 2024, no severe human rights violations of value chain workers were reported through SpeakUp@Allianz.

Actions depend on the value chain stage and are guided by the UNGPs. For commercial insurance and non-listed proprietary investments, risk assessments and mitigating actions are governed by the ASIS, which screens Sensitive Business Areas such as Mining, Oil and Gas, Nuclear Energy, Hydro-electric Power, Agriculture, Fisheries and Forestry, Infrastructure, and the Sex Industry, plus a Sensitive Countries List. Listed investments are governed by the FRSI through the Adverse Impact Steering process and Group Restrictions. The supply chain is governed by the Allianz Group Standard for Procurement, with VCoC compliance at onboarding and additional checks above a defined threshold. Measures include engaging with companies and adding human rights contractual clauses. Effectiveness is tracked via the Corporate Rules Book process, and the Group Human Rights Officer monitors the risk management system and reports to the Board at least annually. Adverse media screenings of high-risk suppliers found no violations in 2024.

Allianz has not adopted specific metrics or targets for workers in its value chain, and consequently there is no timeframe for targets. Allianz considers this approach adequate given the nature of its value chain, which involves a vast, diverse, and changing portfolio of companies it insures and invests in, and a global supply chain with very limited human rights risk and hence limited upside for target setting. Instead, Allianz relies on comprehensive policies to prevent human rights violations and to respond effectively to identified concerns, referencing the Allianz Human Rights Policy Statement and the Sustainability Integration Framework.

Allianz's approach to communities affected by its insurance and proprietary investment business is based on policies with due diligence processes aimed at avoiding adverse indirect impacts on affected communities. Allianz is committed to supporting and respecting international human rights. The due diligence processes are laid out in binding internal corporate rules, notably the ASIS and the FRSI. The ASIS incorporates screening and assessment criteria into insurance underwriting and non-listed investments and includes Sensitive Business Guidelines for Mining, Oil and Gas, Nuclear Energy, Hydro-electric Power, Agriculture, Fisheries and Forestry, and Infrastructure. A dedicated human rights guideline screening applies for countries on the Sensitive Countries List. The ASIS partially covers communities' economic, social, and cultural rights and rights of indigenous people, screening for resettlement, land and water rights, absence of free, prior, and informed consent, and physical harm. The FRSI covers listed assets through the Adverse Impact Steering process and Group Restrictions.

Allianz's engagement channels for communities are the same as those for workers in the value chain. Given that the specific communities that might be affected can differ from case to case, Allianz states it is not effective to maintain standing processes to engage with specific vulnerable communities. Allianz conducts regular dialogues with NGOs, as outlined in the S2 section, including on potential impacts on affected communities.

Allianz's engagement and grievance channels for communities are the same as those for workers in the value chain, centered on the independent complaints mechanism SpeakUp@Allianz described in the S2 section. In 2024, no severe human rights violations of affected communities were reported through SpeakUp@Allianz. Within the ASIS due diligence, identification of negative information triggers the referral process.

Allianz has general due diligence processes in place based on the ASIS and the FRSI that assess impacts on affected communities. These are the same processes used to evaluate human rights impacts on value chain workers. Beyond these, there are no specific actions exclusively for affected communities within the Allianz Group. The ASIS screens insurance underwriting and non-listed investments across sensitive business areas and countries, while the FRSI evaluates listed assets through the Adverse Impact Steering process, the ASIS referral process for non-listed assets, and Group Restrictions, covering communities' economic, social, and cultural rights, civil and political rights, and rights of indigenous peoples, with civil and political rights screening focused strongly on indigenous peoples. Effectiveness of policies is tracked via the Corporate Rules Book process. Positive impacts are pursued by enlarging the portfolio of Sustainable Investments contributing to social objectives.

Allianz reports no specific metrics or targets exclusively for affected communities within the Allianz Group. The text states that beyond the general ASIS and FRSI due diligence processes, which are the same ones used for value chain workers, there are no specific actions, metrics, or targets dedicated to affected communities.

Allianz's policies for retail customers and end-users implement its customer-centric strategy across the product lifecycle. The Allianz Standard for Customer Protection, owned by Group Compliance and approved by the Board member in charge of Group Compliance, promotes and protects customer interests and covers the material matters Information-related impacts (access to quality information) and Social inclusion (non-discrimination, access to products and services, responsible marketing). It applies to all subsidiaries on a proportionality principle. The Allianz Customer Experience Functional Rule frames the retail top-down digital NPS and VoC programs, addressing Information-related impacts and Social inclusion, with accountability held by the Head of Customer Experience in Group Strategy, Marketing and Distribution. The APS, the highest document of the Allianz Privacy Framework, sets data protection and privacy requirements for handling personal data, addressing Information-related impacts. All policies are published in the Allianz Corporate Rules Book.

Allianz engages retail customers mainly through its Net Promoter Score (NPS) and Voice of the Customer (VoC) programs, framed by the Allianz Customer Experience Functional Rule. In 2022 Allianz moved to a digital NPS (dNPS) for continuous loyalty measurement, and from October 2024 subsidiaries can run mix-mode studies combining digital and phone surveys. A third-party global provider runs the retail NPS survey using a double-blind approach, asking policyholders and co-decision makers how likely they are to recommend their insurer on a 0 to 10 scale; the score subtracts Detractors (0 to 6) from Promoters (9 to 10). VoC distributes brief satisfaction surveys along five key customer journeys, with customers rating on a 5-point scale. Responsibility lies with the Head of Customer Experience in Group Strategy, Marketing and Distribution; at subsidiary level with the Head of Market Management. Insights inform improvements to products, services, communications, and processes.

Allianz operates external complaint management processes to build trust and retain customers. Subsidiaries must comply with applicable laws, regulations, and corporate rules on complaints, maintain a standardized process to handle complaints and ensure fair treatment. Through the VoC program, customers rate satisfaction along five key customer journeys and can provide negative feedback; VoC identifies dissatisfied customers (3 stars or fewer), and subsidiaries must contact these customers within 48 hours to address their issues. For claims, each subsidiary must have a formal complaints process with defined timelines and escalation criteria, compliant with local regulations. Additionally, the SpeakUp@Allianz channel is open to all people inside and outside Allianz who feel impacted by Allianz's business or by a business in its value chain. The report states no severe human rights violations affecting retail customers and end-users were reported through SpeakUp@Allianz in 2024.

Allianz takes action through the Allianz Standard for Customer Protection, requiring continuous support across the retail product lifecycle. It conducts a Retail Products Review annually and ad hoc in all subsidiaries with retail insurance to assess whether products offer fair value, complementing subsidiary-level product oversight and governance. New agent training covers Allianz's sustainability strategy, product sustainability elements, and Dos and Don'ts for advice to avoid greenwashing; the e-learning is part of the 15 hours of mandatory training under the Insurance Distribution Directive, expected for completion by 2024 and rolled out in Germany, Italy, France, Spain, Austria, Turkey, Switzerland, and Central and Eastern Europe. On data privacy, 2024 actions included rolling out a RoPA template, onboarding the data subject request process of 28 subsidiaries, recertifying TUV certification, and training 110 Privacy Champions (721 total since 2022). The global Financial Literacy Hub, established summer 2023, offers educational programs such as Finance Workout and Allianz Ready Coach.

Allianz Group sets retail NPS (customer loyalty) targets in its three-year planning cycle, measured by the percentage of Loyalty Leading business segments (Property-Casualty and Life/Health). Loyalty Leadership is the best of four NPS categories (Below Market, At Market, Above Market, Loyalty Leader) describing performance against the rest of the market locally. In 2021 Allianz aimed for 50 percent of retail segments to be Loyalty Leaders by 2024, and it exceeded this in 2024 with 57 percent of measured insurance segments achieving Loyalty Leader status. NPS is a sustainability-related target influencing the remuneration of the Allianz SE Board of Management and top managers of local subsidiaries. Customer satisfaction is separately measured via VoC (not tied to top management remuneration), with global ambitions on overall satisfaction rating (5-point scale), customer reach, and percentage of issues resolved within 48 hours for customers rating 3 stars or fewer; VoC ambitions are reviewed annually.

Allianz emphasizes high ethical standards and integrity, promoting transparency and preventing corruption and bribery. The Allianz Group Code of Conduct, approved by the Allianz SE Board of Management in 2020, reflects its values and guides employees, with key principles of mutual respect, integrity, transparency, and responsibility; it is available on the Allianz website, new joiners are informed of their obligation to adhere, and Allianz encourages business partners to commit to it. Other policies addressing corporate culture, whistleblower protection, and corruption and bribery at Group level include the Allianz Group Compliance Policy, the Allianz Standard for Anti-Financial Crime Compliance, the Allianz Functional Rule for Anti-Financial Crime Compliance, and the Allianz Compliance Manual. On whistleblower protection, the SpeakUp@Allianz mechanism includes an anti-retaliation procedure in which Compliance and HR exchange information; no reprisals or disadvantages are tolerated, and reported cases are treated in strict confidentiality. Policy effectiveness is tracked via the Corporate Rules Book process.

Allianz's supplier management is governed by the Allianz Group Standard for Procurement (AGSP), the Group policy covering the supplier-management sustainability matter. Group and local Procurement functions tender and source services and products by partnering with thousands of vendors worldwide for commodities such as IT, professional services, and marketing. The AGSP and associated processes are reviewed regularly, and local procurement functions are asked to implement the standard locally. During onboarding, suppliers registered in Allianz's standard procurement tool are asked to comply with the Vendor Code of Conduct (VCoC) or to have a comparable code of conduct in place. Allianz aims to do business with responsible suppliers who understand their products, materials, and services and recognize their responsibility to protect the environment and foster good relations with employees and local communities; these expectations are embedded in the VCoC and the Allianz Sustainable Procurement Charter. Additional human rights information in the supply chain is covered in the S2 Workers in the value chain section. No specific payment-practices figures are disclosed here.

Allianz's Compliance Management System supports compliance with recognized laws and a culture of integrity, including rules against corruption and bribery such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and the French Sapin II Law. Allianz trains employees, board members, and persons in functions-at-risk on financial crime topics, defined per the Allianz Functional Rule for Anti-Financial Crime. Anti-corruption training must be provided to all employees at least every three years; AML training is provided at least annually to relevant employees at AML-obliged subsidiaries on a risk-based approach. In 2024 the anti-corruption training completion ratio was 90.7 percent for at-risk functions and 100.0 percent for the Allianz Group Board of Management; the anti-money laundering training completion ratio was 94.1 percent for at-risk functions and 100.0 percent for the Board of Management. Employees can report concerns via management, Group Compliance, e-mail, or anonymously via a third-party tool provided by EQS Group GmbH, also accessible to external parties. An Integrity Committee reviews lessons learned quarterly.

Allianz discloses confirmed incidents of corruption and bribery in the table Anti-corruption and AML convictions and fines for violations (G1-4). For 2024, the number of convictions for violation of anti-corruption, anti-bribery, and anti-money laundering law is reported as none (shown as a dash), and the amount of fines due to such convictions (in thousand euros) is also reported as none (shown as a dash). The 2023 comparatives are marked as not available (n.a.). Allianz states it has zero tolerance for fraud and does not tolerate bribery and corruption, prohibiting employees from directly or indirectly offering, requesting, or receiving anything of value to obtain or retain business or gain an improper advantage, and it thoroughly investigates allegations. Group Compliance monitors and reports identified internal fraud cases to the Board of Management, Audit Committee, Statutory Auditor, and Group Integrity Committee.

Allianz's Group Regulatory and Political Affairs (GRPA) department coordinates regulatory and political management across the Group. GRPA is based at Allianz's Munich headquarters with representative offices in Berlin and Brussels, reports directly to the Chairman of the Allianz SE Board of Management, and adheres to the Allianz Group Code of Conduct in its engagement. It contributes to policy processes (lobbying) at national, European, and international levels. Quantitative disclosures cover financial contributions (direct donations to politicians, parties, and affiliated organizations, plus indirect contributions via intermediaries) and in-kind contributions (use of facilities, design and printing, and Board members' contributions). Total direct and indirect financial and in-kind political contributions in 2024 were 458.8 thousand euros (2023 n.a.); about 80 percent originated from Europe, and about two-thirds were financial with one-third in-kind. Allianz SE is registered in the E.U. Transparency Register (identification number 05503341949-54). Main 2024 lobbying topics included Solvency II review, the Insurance Recovery and Resolution Directive, sustainability reporting, SFDR, Capital Markets Union, the Retail Investment Strategy, and the Framework for Financial Data Access.