Corporate Responsibility Short Report 2011/2012

Transcription

1 Corporate Responsibility Short Report 2011/2012

2 Foreword 1 Strategy 2 Corporate governance 4 Responsibility in business 6 Employees 10 Environment 12 Corporate citizenship 14 Facts and figures 16 Introduction It is an integral part of Munich Re s business model as a global insurance group to adopt a forward-looking and responsible approach throughout our organisation. This short report provides an overview, focusing on the reporting year 2011, of how Munich Re integrates corpor ate responsibility (CR) into its operations from Group strategy to business processes. More information on our current measures and projects, along with detailed data material, is available from our corporate responsibility portal at

3 Ladies and Gentlemen, For nearly five years now, we have been operating in a crisis-ridden environment. The year 2011 was marked by a massive loss of confidence in the European common currency, with corresponding impacts on the capital markets. On top of this, the insurance industry had to cope with an exceptional accumulation of severe natural catastrophes in 2011, most notably the earthquakes in Japan and New Zealand. Despite these adverse circumstances, Munich Re was able to post a satisfactory result for the year, thus endorsing our strategy geared to creating sustainable value. The major portion of our investments meet the requirements of the United Nations Principles for Responsible Investment (PRI), which Munich Re was the first German company to sign back in Until recently, a comparable set of rules was lacking for our core business of primary insurance and reinsurance. International principles have therefore been drawn up to fill the gap, again under the umbrella of the United Nations. Munich Re was a driving force in this process, on which it had a substantial influence. On 19 June 2012, we put our signature to the Principles for Sustainable Insurance (PSI) as one of the founding members. The PSI will serve as a guideline for the systematic integration of sustainability aspects in our day-to-day business. We are continuing to pursue our other activities in the field of corporate responsibility with undiminished vigour. For example, we have made significant progress with our environmental management system and will achieve carbon neutrality for our reinsurance operations worldwide in the current financial year. We aim to reach this target for the whole Group by 2015 our headquarters in Munich have been carbonneutral since By corporate citizenship, we understand donations, sponsoring and memberships in the charitable and non-profit sector. We have reformulated our guidelines for this area, making them more specific. Thus, support for social and cultural activities will be focused more strongly on our business unit locations in future, while at national and international level we will particularly sponsor projects that have a concrete connection with our business. Different backgrounds and experience result in different individual skills and strengths. With our staff, we therefore attach importance to a balanced structure as far as possible, be it in terms of gender, origin or age, to name just the most important criteria for us in this respect. In the long term, forward-looking staff development planning and that is basically what diversity management entails will increase our creativity, competitiveness and sustainability, which makes it an indispensable investment. In this short report, you can find numerous examples of our activities in the area of corporate responsibility. They cover a wide area, but have one thing in common: they show that corporate interests, sustainable development and corporate responsibility are in no way conflicting factors. On the contrary, they determine and reinforce each other. I wish you a stimulating read. Nikolaus von Bomhard Chairman of the Board of Management July 2012 Munich Re Corporate Responsibility 1

4 Strategy Responsible and sustainable development has been an integral part of Munich Re s strategy throughout its history. In 2011, we achieved important targets in all fields of action derived from our corporate responsibility mission. As a signatory to the Principles for Sustainable Insurance (PSI), we are systematically developing our strategy of sustainable, long-term value creation further. Last year, Munich Re established a new strategic approach for its Group-wide corporate responsibility activities, with five fields of action. The areas strategy and governance and reporting and communication provide the framework for our three content pillars: integrating corporate responsibility in business, environmental management and corporate citizenship. Corporate responsibility Fields of action Action framework Core activities Strategy and governance CR in business Environmental management Corporate citizenship Reporting and communication CR 1 mission and concept Compliance with UN Global Compact Principles Integration of CR issues into (re)insurance business (PSI 2 ) Integration of CR issues into asset management (PRI 3 ) Group-wide CO 2 neutrality Global environ mental management strategy Active governance of social responsibility and community involvement Group-wide CR web portal Group- wide CR reporting Position in major SRI ratings 1 CR = Corporate responsibility. 2 PSI = UN Principles for Sustainable Insurance (signed by Munich Re in 2012). 3 PRI = UN Principles for Responsible Investment (signed by Munich Re in 2006). 2 Munich Re Corporate Responsibility

5 Global Compact, PRI and PSI as long-term action guidelines Our corporate identity as a responsibly operating group is fully in line with the principles of the United Nations Global Compact. Its ten principles for instance on the subjects of human rights, working conditions, the environment and anticorruption offer us important action guidelines for realising corporate responsibility in all our Group business units and processes. UNEP FI s Principles for Sustainable Insurance (PSI), which we signed in June 2012 together with other insurers, serve as the yardstick for the integration of sustainability aspects in our core business. The framework for sustainability in our investment operations is provided by the Principles for Responsible Investment (PRI), which we signed back in Intermediate targets achieved in 2011 We implement the Principles for Responsible Investment (PRI) via our asset manager, MEAG. At least 80% of our investments in shares, corporate bonds, government bonds, real estate (from construction year 2010 onwards) and RENT (renewable energies and new technologies) meet sustainability criteria. In our core business, we accept global challenges climate change, demographic trends, and access to insurance solutions in developing countries and offer innovative products wherever possible. In addition, we have made marked progress towards our target of achieving carbon neutrality in the Group by 2015: since 2011, our Group-wide environmental management system has covered 87% of all employees. Selected units of ERGO were made carbon-neutral for the first time in We will use the PSI as a basis for systematically taking account of ecological, social and governance aspects in our core business. As a result, we will continually improve our risk management, identify potential new business opportunities, and actively protect our Group s reputation. Dr. Thomas Braune, Head of Group Development, Munich Re With our new corporate citizenship concept, we also determine the strategic orientation of our involvement in charitable and other non-profit activities. This focuses on specific business-related topics and provides concrete guidelines and criteria for selecting projects. Our good positioning in rigorous, internationally recognised sustainability indices, such as the Dow Jones Sustainability Index and the FTSE4Good, as well as our first place in the Newsweek Green Rankings, attests to the successful and consistent realisation of our strategy. More on our strategy at Munich Re Corporate Responsibility 3

6 Corporate governance Prudent management practices and ethically responsible conduct are cornerstones of our long-term corporate success. They consist not only of transparent governance structures but also of our own code of conduct, integrated risk management and systematic combating of fraud. In 2011, we took specific measures to expand our compliance functions, with a view to optimising value management. Good corporate governance is essential for Munich Re. We are committed to complying with the highest national and international codes and standards. We adhere to the corporate governance rules of the various legal systems and the different regulations that apply in the markets in which we operate. In Germany, for example, where our Group s head office is located, we naturally fulfil all the relevant provisions of the German Stock Companies Act and the German Corporate Governance Code. Compliance with laws is axiomatic for us, as is zero tolerance towards corruption. Our code of conduct provides all employees Groupwide with binding rules. We are constantly working on optimising our compliance management, whose guidelines reflect our objectives and values. Innovations include code of conduct e-learning modules, which were added to our employee training courses in 2011, and the Compliance Awareness Survey with questions to sensitise staff to the relevant issues. The next step planned involves further training courses aimed at preventing risks like corruption and data protection infringement. 4 Munich Re Corporate Responsibility

7 Our primary insurer, ERGO, developed its compliance function into an independent compliance division in The new Chief Compliance Officer reports directly to the primary insurance CEO. In addition, ERGO has supplemented its compliance rules, extended its code of conduct to independent agents, and tightened up the implementation of these rules and regulations, which include an extensive reporting system and clear requirements for performance bonuses. Compliance reports directly to the CEO. This clearly reflects the significance which the topic has for ERGO. Stefanie Held, Chief Compliance Officer, ERGO Fraud prevention Within 48 hours the Reputational Risk Committee makes a recommendation in urgent cases. In all companies of the Group, Munich Re supplements its compliance measures with extensive anti-fraud management. This covers processes for preventing and detecting fraud and corruption, as well as clearly defined steps that are to be taken in response to incidents that occur. Where appropriate, special courses are provided on antitrust law or money laundering, or special anti-fraud training is conducted. Holistic risk management protects us and our reputation We have established an internal control system (ICS) for the holistic treatment of our risks. It helps us to actively manage the risks we have assumed, to protect ourselves against financial losses or reputational damage, and to maintain our financial strength. The Board of Management and Supervisory Board have adopted a risk strategy for this, which always gives due consideration to the interests of our clients and shareholders, for whom we create sustainable value. We pay particular attention to so-called emerging risks, i.e. risks that may arise as a result of technological or social changes or whose parameters may rapidly alter. Applying a holistic approach, our experts regularly analyse and centrally evaluate such risks. We additionally monitor potential reputational risks through identification processes we have established in various internal units. As soon as we become aware of the possibility of such a risk, our reaction is determined by the Compliance Officer and, if appropriate, the Reputational Risk Committee, which was set up specifically for the purpose. Headed by the Compliance Officer, the committee gives clear recommendations for action with a view to preventing reputational risks that might occur in connection with sensitive decisions. More on the subject of corporate governance at Munich Re Corporate Responsibility 5

8 Responsibility in business It has always been Munich Re s claim and aspiration to understand tomorrow s risks and make the future insurable. We are convinced that our business model is only viable if we take a long-term responsible approach. We therefore address current global challenges and contribute our experience to innovative products and services from which Munich Re, our clients and society will benefit, now and in the future. Preventing damage, minimising losses, and assessing different risks in terms of their impact is one of the core tasks of the insurance industry. With covers and risk solutions for such fields as renewable energy, insurers act as a catalyst for technological development. And in their function as responsible investors, they shape new markets, innovative products and socio-economic developments. The Principles for Sustainable Insurance (PSI) have been formulated to define this role of the insurance industry more sharply in future. These international principles provide for ecological, social and governance (ESG) criteria to be taken into account in insurers core business along the whole value chain. Munich Re played an active part in drafting the principles, which we signed in June In committing to the principles, we round off our risk management, promote new business options and improve our ability to assess reputational risks for our Group. New internal guidelines, for instance, rule out business with firms that produce or market internationally outlawed land mines and cluster bombs. 6 Munich Re Corporate Responsibility

9 Solutions for climate protection Climate change is one of the greatest risks facing humankind. In recent years, Munich Re has actively supported and advanced climate protection and adaptation to global warming. Insurance concepts for renewable energies are therefore a focal point of our activities. We have developed new types of insurance product, such as exploration risk insurance for geothermal drilling, new guarantees for solar installations, and insurance cover for offshore facilities. By 2020, we expect renewable energy products to yield a significant increase in premium volume and further business opportunities. Munich Re has combined forces with the Desertec Foundation and over 50 international partners in the Dii industrial initiative (Dii). The aim is to build solar and wind power plants in southern Europe and North Africa to supply the regional energy needs of the producer nations using renewable sources, and also to meet a share of Europe s electricity needs using carbon-free energy. With the desert power initiative we want to develop solutions that cover the needs of a growing population on a sustainable basis without coming into conflict with scarce resources and climate objectives Ernst Rauch, Head of the Corporate Climate Centre, Climate & Renewables, and in charge of Munich Re s desert power activities. Our primary insurer, ERGO, also uses its expertise to provide future-oriented covers that take account of increased awareness of the need for climate protection and omnipresent socio-economic changes. The ERGO Insurance Group offers a wide range of products and services that consider environmental aspects. For instance, a special motor policy rewards the owners of vehicles that are particularly environmentally friendly with lower premiums. In Germany, ERGO promotes the use of vehicles with low levels of carbon emissions, thus providing incentives for eco-friendly mobility. ERGO is devoting particular attention to the photovoltaics market. It is one of the few insurers offering innovative cover extensions such as reduced yield insurance. In the event of an insured loss occurring, this cover includes loss of revenue from solar installations for up to twelve months, thus reducing the financial risk for the policyholder. Such earnings security provides a reliable basis for financing photovoltaic systems. Within six hours, deserts receive more energy from the sun than humankind consumes within a year. Dr. Gerhard Knies, Chairman of the Board of Trustees of the Desertec Foundation Solutions for the consequences of climate change, and public-private partnerships Munich Re has also taken important further steps in combating poverty through microinsurance cooperations. In 2011, particularly in the Philippines and the Caribbean, we were involved in public-private partnerships aimed at giving low-income groups access to affordable insurance solutions. In the Philippines, we intensified our efforts to establish weather-index microinsurance for extending emergency More on innovative insurance solutions at Munich Re Corporate Responsibility 7

10 loans at favourable conditions. A new venture is our increased involvement in the Caribbean, where we are developing innovative insurance products with local partners under the umbrella of the Munich Climate Insurance Initiative (MCII) formed in Here, for the first time, we are linking risk mitigation measures with special covers a new pilot project as a step towards a holistic risk management system for developing countries. For loss prevention in connection with extreme weather events, Munich Re supports its clients with the NATHAN (Natural Hazards Assessment Network) Risk Suite. In the light of the strong rise in natural hazards, this information system for analysing, preventing and avoiding risks is gaining in importance. It precisely determines endangered locations, making it a valuable component in holistic risk management. For providing these unique information and consultancy services, Munich Re was shortlisted for the GeoBusiness Award The efficient technical implementation options of the NATHAN Risk Suite accelerate complex business processes and significantly improve risk transparency to the benefit of all. Andreas Siebert, Head of Geospatial Solutions, Munich Re Munich Re also offers a solution for farmers to insure themselves against the consequences of climate change the globally successful primary insurance model SystemAgro. This guarantees the continuation of production even after a poor harvest and covers damage due to perils such as hail, drought or flood. The system is operated over large areas in different parts of the world. Healthcare for today s needs Changes in lifestyle and longer life expectancy present major challenges to healthcare in the light of demographic change for example, through related diseases like diabetes or obesity. Munich Re carefully monitors the needs of the markets, especially through the healthcare operations of its expert provider, Munich Health, and makes available its global expertise with proven synergies to meet local requirements. A focal point of these activities is prevention projects in various target regions. Public-private partnerships, such as currently the state-backed Daman National Health Insurance in Abu Dhabi, optimise healthcare systems and also reduce costs, benefiting the chronically ill in particular. We aim to counteract the rapid spread of lifestyle diseases primarily through education. The local population will not change their behaviour until they are aware of the risks it entails. Dr. Franz Benstetter, Head of Operational Services, Munich Health DKV Seguros, Munich Health s Spanish subsidiary, places great emphasis on raising awareness with regard to a healthy lifestyle and not only in its own interest. Together with the Spanish Heart Foundation and ADEPS, the Spanish society for health education, it focuses on extensive information programmes for promoting health and preventing disease. 8 Munich Re Corporate Responsibility

11 Back in 2008, our primary insurance group launched the following pilot project. Together with the international healthcare company Biocon and 15 microfinancing institutions, HDFC ERGO General Insurance began offering a new product in the southern Indian state of Karnataka health insurance tailored to the circumstances of people in emerging countries. While the financing institutions sell the policies to their clients and Biocon provides outpatient care and health advice, HDFC ERGO carries the risk and assumes the costs for a broad range of local healthcare benefits. In this way, the parties involved pool their competence with a view to enhancing service in the healthcare sector a further contribution by our Group to the sustainable development of our global society. Responsible investment 500m of the planned 2.5bn has already been invested in RENT projects (status: 31 December 2011). MEAG, Munich Re s asset manager, follows the United Nations Principles for Responsible Investment (PRI). These principles aim to ensure that sufficient consideration is given to sustainable development in investment decisions, and thus to the needs of future generations. The MEAG Fair Return fund, in which the fund managers observe stringent social and ecological criteria, illustrates our implementation of the principles. The fund meets the requirements of foundations that wish to invest their capital safely and sustainably. MEAG Fair Return has also been open to private investors since spring 2010 and has received widespread recognition, most recently being awarded the rating very good by Feri EuroRating. In mid-2010, we launched our investment project RENT Renewable Energies and New Technologies. Since then, Munich Re and MEAG experts have been sounding out and realising the potential for strategic investment in renewable energies and new technologies, with particular focus on efficiency and energysaving aspects. Our commitment to more sustainability also brings with it riskreturn advantages, since this form of investment is assessed as profitable while entailing moderate risk. Renewable energies Wind power Bioenergy Geothermics Solar energy Hydro power RENT Renewable Energies and New Technologies Resources (e.g. wood, biowaste, silicon) Increasing efficiency (e.g. insulation, CO 2 levy) Grids (e.g. expansion, deregulation) Storage media (e.g. battery technology) Energy conversion sites (e.g. solar modules) New technologies More on our investments at Munich Re Corporate Responsibility 9

12 Employees Our human resources management is based on a responsible corporate and leadership culture. Last year, we devoted particular attention to the expansion of our further training and talent management and to stress prevention measures. Another focal point in 2011 was systematic diversity management. Munich Re takes a responsible attitude towards its staff, nurturing their development in a variety of ways. At many of its locations, Munich Re is among the most popular employers. We continue to consolidate our reputation in the face of national and international competition, benefiting in particular in 2011 from our diversity management, with which we aim to utilise our employees individual potential even more successfully in future. Our Group companies also stand for family-friendliness, conscientious promotion of healthcare, performance-related and transparent remuneration and individual further training opportunities. International talent management and life-long learning 25% of Munich Re management positions in Germany are to be filled by females by the end of Munich Re has a clear objective: to attract the best employees for the Group and to retain them in the long term. We took the internationalisation of our talent management programme a stage further in 2011 and enhanced staff development opportunities. This enables us to recruit a high percentage of our managers from the pool of outstanding talent available within our own ranks. In the last three years, over 90% of the management positions at our asset manager MEAG have gone to internal candidates. Appropriate training is also provided by MEAG s Young Manager programme, which helps young managers master the new challenges facing them during their first year in this role. At our Munich location, we offer our reinsurance staff the chance to study for an Executive Master of Science in Insurance degree alongside their job. This course, organised in cooperation with the Munich School of Management (LMU Munich), intelligently links career and studies. In addition, we encourage an approach of life-long learning Group-wide, actively promoting the acquisition of key skills and professional qualifications through appropriate further training in all fields of business. 10 Munich Re Corporate Responsibility

13 Reconciliation of family and job, and greater promotion of healthcare Munich Re supports its employees in their career planning, with or without a family. Internal company agreements provide a flexible framework for this. Be it through attractive working-hour models, part-time jobs or childcare allowances, we tailor working conditions to fit the individual where possible and offer counselling services at all our major locations, e.g. for childcare support from external providers. A new feature is the ERGO parents network, whose aim is to keep in touch with young mothers and fathers while they are on parental leave, thus also maintaining their loyalty and commitment to the company. Throughout the Group, we actively promote the health of our staff besides medical consultancy (in our Munich company medical centre, for example), we offer sports and relaxation programmes and also new measures for individual stress management. At several locations, we also provide professional social counselling with psychotherapeutic support to help with professional and private problems. In the area of stress management, we have introduced a new programme in the form of workshops for managers aimed at preventing stress-related and mental illnesses. Our diversity management helps us to make the best possible use of the potential there is in our Group and in the employment market. Dr. Katja Bucher, Head of Group HR, Munich Re Diversity policy and target quota for females in management positions In June 2011, Munich Re launched a Group-wide diversity policy which promotes diversity even more systematically. The policy clearly and transparently defines the focal points of our action, namely gender, age and internationality. The new guideline sets out the most important principles for fostering social diversity within the Group and our Group-wide commitment to embracing diversity as a strength and investing in it. As regards the focal point of gender, in April 2011 the HR board members of the DAX 30 companies issued a joint statement on increasing the proportion of women in management. As part of this commitment, Munich Re has undertaken to achieve a quota of females in management positions of at least 25% in Germany by the end of At the end of 2011, the figure stood at 20.5%. Taking into account the low staff turnover rate and managers average age, the target is an ambitious one. More on the subject of employees at Munich Re Corporate Responsibility 11

14 Environment Our commitment to protect the natural environment is a key component of our corporate responsibility strategy. After all, the financial success of a group like Munich Re is inseparably linked with protecting people, property and the environment. The expansion of our Group-wide environmental management system and the reduction of our CO 2 emissions were at the forefront of our activities in Over 5,500 tonnes of CO 2 has been saved through our systematic environmental management since Taking preventive measures, increasing public awareness and promoting ecofriendly technologies are the three main pillars of Munich Re s ecological commitment. We aim to harmonise our environmental protection activities with our commercial objectives and to keep the burden on the environment from our operations as small as possible. In future, the success of these efforts is to be ensured even more effectively by means of a dedicated environmental management network that encompasses all areas of relevance for internal saving of energy and resources. In 2011, we took important steps in this direction and defined appropriate processes and responsibilities at Group and regional level. Besides this, the existing environmental management systems at our Munich location, at Munich Health s Spanish subsidiary DKV Seguros and DAS in the UK, and at the main locations of ERGO in Germany were successfully recertified to the internationally recognised standard ISO Our environmental guidelines help us to minimise our environmental impact, including our CO 2 emissions. Here we are focusing on reducing energy consumption through optimised facility management, replacing business trips by video conferences wherever possible, and using less paper and water. In addition, we are continually increasing the degree of capture of our environmental data: in 2011, 87% of our employees at 31 units of Munich Re (Group) were covered by the environmental management system, while nearly one-third of our employees now work at sites that have been certified to ISO Munich Re Corporate Responsibility

15 Climate protection Leading by example In using all our insurance expertise to sharpen public sense of responsibility for climate change, we endeavour to set a good example: by 2015, business operations throughout our Group will be carbon-neutral. While this has been the case for our Munich location since 2009, ERGO Germany has been carbon-neutral since 2011, and our reinsurance operations will achieve the target as from the reporting year These steps are laid down as binding in our Group-wide carbon neutrality strategy, adopted in March 2011 and illustrated in the diagram below. During the first stage, emissions will be lowered Group-wide by at least 10% to less than 4.3 t per staff member by In the second stage, the remaining emissions will be offset through the purchase of emission allowances. Strategy for CO 2 neutrality kg CO 2 e per employee * 1st step: Reduction 4,900 Emission of carbon dioxide per employee 4.9 t CO 2 e Avoidance and reduction Substitution 2nd step: Offsetting 4,300 Offsetting e.g. via green IT and energyefficient buildings e.g. by purchasing green electricity Via purchase of certificates 2015 on the market * Data adjusted compared with previous year owning to modified calculation basis in the Greenhouse Gas Protocol. Environmental commitment Besides implementing internal company measures, Munich Re has been a party to national and international environmental and climate protection agreements for years. For example, we have been a member of the Finance Initiative of the United Nations Environment Programme (UNEP FI) since As from 2011, we have additionally participated in the Global Climate Forum a scientific initiative to support global climate research through a dialogue-promoting platform thus underlining our aspiration to contribute our expertise at global level. More on the subject of the environment at Munich Re Corporate Responsibility 13

16 Corporate citizenship Munich Re has a long tradition of assuming social responsibility. With our new corporate citizenship concept, we are adopting a more strategic approach to our commitment, geared to key criteria. In addition to charitable activities at our business unit locations, we support projects at national and international level that have a concrete connection with our business, and we are involving our employees to an increased extent wherever possible. This project-based approach is supplemented by the work of our three corporate foundations. 7,500 books were donated to charitable institutions in Mongolia and Cambodia. In its role as corporate citizen, Munich Re acts as sponsor, donor and co-shaper in assuming responsibility and addressing social challenges. The active governance of our social commitment is one of the three pillars of our corporate responsibility strategy. Our Group-wide corporate citizenship concept builds on business-related topics and is based on clear guidelines and criteria for selecting projects for donations and sponsoring. Besides providing support in socio-cultural areas at our business unit locations, we systematically focus on aspects of society to which we can contribute our know-how on risk topics. In future, by choosing points of emphasis such as the environment, natural disasters, demographic change and health, we aim to concentrate more on projects related to issues like disaster prevention or health promotion. Answers to global challenges With our concept, we clearly focus on business-relevant topics. In reinsurance, for instance, we are planning an earthquake disaster prevention project in India for The local measures include training people how to behave when earthquakes occur and structural securing of state buildings like schools, hospitals and other important infrastructure. We are thus sending out a clear signal: we do not only act when a loss event occurs but help people beforehand with prevention measures. 14 Munich Re Corporate Responsibility

17 Proximity to core business is also a feature of ERGO s social commitment, in which health education plays a prominent part. ERGO Poland and ERGO Estonia, for ex ample, have organised mammobuses to inform women about breast-cancer screening, while the school sports initiative Class in sport gives pupils at German primary schools the opportunity to enjoy additional qualified sports instruction. Logically, Munich Health s activities also focus on healthcare and disease prevention topics. Priority is given to long-term cooperation with selected partners from the charitable sector. DKV Seguros, for instance, has worked together with Oxfam for over ten years and, among other things, supports projects for the supply of drinking water in Ethiopia. In such projects, we attach particular importance to involving our staff through corporate volunteering where possible. This happens at two levels: in local projects at business unit locations and in initiatives with business relevance. An example is an international cooperation project to develop water certificates in a region of India, with the aim of measuring and managing the use of this resource better. Munich Re employees with the relevant professional expertise support this project with their personal and voluntary commitment. We help with our combined know-how and, as a corporate citizen, assume responsibility locally in such areas as earthquake disaster prevention in emerging and developing countries. Dr. Anselm Smolka, Head of Corporate Underwriting Geo Risks, Munich Re The activities of our foundations Munich Re s foundations Munich Re s wide-ranging commitment in the above areas is augmented by the activities and ventures of our three corporate foundations. The Munich Re Foundation supports a whole range of different projects, especially in developing countries, under the motto From Knowledge to Action. Among many activities, for example, it promotes the Mozambique flood warning project to develop simple but effective early-warning processes. The foundation also stages the annual Microinsurance Conference, the world s largest platform for this topic. The goal is to inform more and more people in emerging countries and facilitate access to insurance solutions there. The main aim of ERGO s Youth & Future Foundation is to enhance personal and career opportunities for young people. Every year, the foundation s 100,000 national sponsorship prize is awarded to outstanding projects that support the development of disadvantaged youngsters. Another of the foundation s focal points is the Job Locomotive project, in which young adults are given practical assistance to improve their professional prospects. Our third foundation, the Dr. Hans-Jürgen Schinzler Foundation, also contributes to society s future and, in doing so, particularly encourages the involvement of Munich Re employees. Founded in 2004, it is the platform for all corporate volunteering activities in reinsurance at our Munich location. Through assignments at a Munich community centre, for instance, or at a day centre for mentally and physically disabled children, our staff devote themselves to social and charitable causes and, in their free time, make valuable contributions to a functioning society. To help young people in emerging countries gain access to education, Munich Re has decided to support the Bookbridge project. This charitable organisation establishes education centres in Mongolia and Cambodia and trains local teachers to work there. In an initial international corporate volunteering campaign in 2011, a total of 7,500 books, DVDs and money were donated by Group employees. More on the subject of corporate citizenship at Munich Re Corporate Responsibility 15

18 Facts and figures Financial indicators Operating result m 1,180 3,978 4,721 Consolidated result m 712 2,430 2,564 Return on equity % Munich Re has been listed in this rating ever since its introduction in The FTSE4Good Index comprises a global CR benchmark from a total of 23 markets and 2,000 companies. Munich Re has also been continually listed in the Dow Jones Sustainability Indices since 2001, with a valuation always above average. Environmental indicators Proportion of employees captured % Data capture rate % of indicators Proportion captured by % of employees 30 * certification to ISO Total greenhouse gas emissions t per employee Scope Scope Scope * In 2011, the environmental figures were verified for 10% of employees on the basis of ISO for the first time. Scope 1: Direct greenhouse gas emissions Scope 2: Indirect greenhouse gas emissions from the consumption of externally supplied electricity, heat or steam Scope 3: Other indirect greenhouse gas emissions, such as those from journeys (business trips) by means of transport owned by third parties In Sustainanalytics rating for the insurance sector, Munich Re occupied first place in Newsweek: Green Rankings Munich Re achieved first place on Newsweek s 2011 Green Rankings list, which takes into account a company s environmental impact and measures for reducing this impact as well as the quality of its reporting. Employee indicators Employees at 31 Dec. 47,206 46,915 47,249 Employees by line of business Reinsurance 11,215 11,370 11,309 Insurance 31,311 30,887 31,145 Munich Health 3,899 3,889 4,007 Asset management Days of advanced training per employee Female employees in % ** management positions (Group) Employee turnover rate % (weighted average 12.5 *** turnover rate) ** Owing to changes in the basis for calculation, there are no comparative figures available. *** As a result of the greater proportion of employees captured, 2011 includes companies with a high turnover. Turnover on the basis of 2010 is nearly stable. Further data and our GRI index, whose application level B has been affirmed by the Global Reporting Initiative, are available at facts-figures. Oekom research most recently awarded Munich Re a prime corporate responsibility rating, thus putting the Group among the bestin-class insurance undertakings. 16 Munich Re Corporate Responsibility

19 Imprint 2012 Münchener Rückversicherungs-Gesellschaft Königinstrasse München Germany Tel.: Fax: Board of Management: Nikolaus von Bomhard (Chairman), Dr. Ludger Arnoldussen, Dr. Thomas Blunck, Georg Daschner, Dr. Torsten Jeworrek, Dr. Peter Röder, Dr. Jörg Schneider, Dr. Wolfgang Strassl, Dr. Joachim Wenning Commercial register: Local Court Munich, HRB Supervisory authority: German Federal Financial Supervisory Authority (BaFin), Bonn VAT registration number: DE Responsible for content: Dr. Thomas Braune, Head of Group Development Dr. Astrid Zwick, Head of Corporate Responsibility Georg Justus Schwarz, Consultant Corporate Responsibility Editorial deadline: 20 June 2012 Picture credits: Getty Images, Munich Re, plainpicture, Fotostudio Meinen, Desertec Foundation Printed by: Munich Re This carbon-neutral print product was printed on FSC-certified paper. Disclaimer: This report contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

20 2012 Münchener Rückversicherungs-Gesellschaft Königinstrasse 107, München, Germany Order number