Our Group strategy encompasses ten strategic principles that apply to all business units and help to ensure realisation of our vision for the strategy cycle 2018 to 2020 “Creating value through reinsurance”. The objectives of our Group strategy are pursued in accordance with our holistic management system Performance Excellence 2.0. Based on the Excellence Model of the European Foundation for Quality Management (EFQM), this requires each organisational unit of our Group to explore and define its contribution to the Group strategy. In this way, we ensure that all initiatives and measures within our Group are rigorously linked to the Group strategy. Indicators for the status of target attainment are mapped centrally in our Target Matrix. For further details please see the section “Value-based management” in the combined management report.
In response to the progressive digital transformation in the world of business over the coming years, we have developed an additional digitalisation strategy for the strategy cycle 2018-2020. This considers in detail the opportunities and risks associated with digitalisation – with an eye to both our business processes and our work as a reinsurer.
Sustainability also forms an integral part of our actions. Our goal is to harmonise our business operations with environmental and social requirements. To do this, we have refined a sustainability strategy that complements the guiding model of our Group strategy. This defines four action fields (Governance and Dialogue, Product Responsibility, Employees, Environment and Society) as well as concrete goals and measures, while also taking into account the major requirements and interests of our stakeholders. Of particular relevance here are our customers, our investors and our employees.
The sustainability strategy, goals and measures are reviewed and approved by the Executive Board. Sustainability measures are implemented on a decentralised basis in the various market and service departments. The coordination of strategic goals and measures as well as the collection of data for reporting purposes are handled by an interdisciplinary team composed of representatives of all relevant business units.
With a view to identifying material non-financial topics, we conducted another stakeholder survey with an external partner in 2018. Representatives of the stakeholder groups comprised of customers, brokers, the capital market, employees, non-governmental organisations (NGOs) and the public sector were surveyed by means of an online questionnaire and telephone interviews. On this basis, our already existing materiality analysis was reviewed and adjusted. In this context, we took into account the various materiality approaches of the GRI, which constitutes the basis for our extensive annual sustainability report, and the German Commercial Code (HGB), on which this combined non-financial information statement is based. As a first step, potential issues were identified using internal sources and already received stakeholder feedback as well as information obtained from media analysis, a peer comparison and global standards. The issues were then categorised according to our four action fields in the context of the sustainability strategy. While the external survey developed on this basis focused on the relevance of these issues, the internal survey carried out among our employees included additional dimensions, namely “business relevance” and “impacts on business operations”. All three dimensions were rated on a scale of 1 to 7, with the lowest figure indicating very low relevance and the highest reflecting a very high degree of relevance. We considered issues rated 5.0 and higher to be material for our company within the meaning of this legislation. The survey findings were discussed and approved at an internal workshop attended by representatives of various specialist units and management.
In total, we identified 13 material sustainability issues in accordance with the German Commercial Code (HGB) and the GRI, which we discuss below in our non-financial information statement and will report on going forward on a voluntary basis in our annual sustainability report compiled in accordance with GRI standards.
The following table compares the reportable aspects as defined by the German Commercial Code (HGB) with the material issues identified by our company and pinpoints thematic overlaps with the aspects. The individual material issues are then discussed.
|Allocation of material issues to the reportable non-financial aspect pursuant to the German Commercial Code (HGB)|
|Reportable non-financial aspect|
|Strategic action field||Material issue||Environmental matters||Employee matters||Social matters||Respect for human rights||Combating corruption and bribery|
|Governance and Dialogue||Responsible corporate governance||x||x||x|
|Product Responsibility||Risk expertise and risk assessment||x||x|
|Sustainable insurance solutions 1||x||x|
|ESG criteria in asset management||x||x||x||x||x|
|Customer orientation and satisfaction 1|
|Employees||Executive development and employee advancement||x||x|
|Environment and Society||Operational environmental protection 1||x|
|Supplier management 1||x||x||x||x||x|
|1 Matter identified as non-material according to the dimensions of the German Commercial Code (HGB), but which has a high stakeholder relevance / impact on business operations and on which we therefore additionally report in conformity with the materiality approach of the GRI.|