Responsibility at Varma. Varma s Corporate Social Responsibility Programme 2017

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1 Responsibility at Varma 1

2 Vision. Responsibility is part of Varma s daily operations. We actively communicate what CSR means to us and how our responsible operations show in society. We continuously develop our responsible ways of operating. 2

3 For Varma, responsible operations means first and foremost securing solvency, high-quality implementation of pension provision and promoting workability. Responsibility is an integral part of our investment operations and ownership practices. We take responsibility for mitigating climate change in our investment portfolio, our supply chain and our operations alike. For us, looking after the workability and competence of Varma employees is a matter of honour. And it all culminates in open communication. 3

4 The making of Varma s Corporate Social Responsibility Programme Varma s current CSR situation was charted A competitor and sector analysis and a SWOT analysis were carried out Analysis of current situation Stakeholder consultation during the CSR survey The online survey sent by drew 1,200 responses Some stakeholder groups were interviewed face-toface The Executive Group decided how stakeholder expectations will be met and which CSR themes are significant for business Prioritising according to business Corporate Social Responsibility Programme Varma s CSR targets and indicators Key CSR development projects for

5 Varma s CSR focus areas Responsibility for Varma employees Cost-effective use of funds Open and pro-active communication Ethical and transparent business Responsibility in investment operations Mitigating climate change Securing solvency High-quality implementation of pension provision Promoting workability and longer careers 5 Katri

6 CSR targets and indicators 1/2 Area Target Indicator 1 Securing solvency Pensions are well secured We pay the best client bonuses Solvency ratio target is the strongest solvency in the sector Client bonuses (in relation to payroll) 2 High-quality implementation of pension provision Pension and rehabilitation customers receive their decisions without delay Pension paid within 4 days of the pension decision High-quality pension decisions Smooth handling of insurance matters Target is to maintain the processing time level attained in 2016 per insurance type 98% of payments are paid within 4 days Decisions by appeal bodies (%) NPS (pension and insurance customers) 3 Extending careers and promoting workability 4 Open and pro-active communication Maintaining workability Reduction in disability pensions Effective rehabilitation A responsible corporate image We pro-actively and openly discuss our operations All Varma employees are involved in communicating on responsibility Average age of retirement on old-age and disability pension among customers Client companies contribution category development (2016: 3.4) Effectiveness of rehabilitation: Proportion of rehabilitees returning to work (2016: 77%) Most responsible earnings-related pension insurance company in 2017 in the Reputation&Trust survey Ethical and transparent business Development of responsible business operations, e.g. in customer work and the supply chain Increased transparency in the use of assets Agreed policies drawn up, practices agreed on, guidelines published and cascaded down 6

7 Targets and indicators 2/2 Area Target Indicator 6 Responsibility in investment operations Mitigating climate change Embedding responsible investment deeper into investment processes Updating the share ownership policy Implementation of the climate policy for investments A low-carbon real estate portfolio Reduction in CO2 emissions from our own operations and the supply chain Increase in ESG-charted proportion of the portfolio Improving the results of the PRI comparison report Adoption of the share ownership policy and stakeholder-specific communication Monitoring of the climate policy targets (e.g. CO 2 footprint) Sector-specific 2-degree analysis CO 2 footprint of our own operations 8 Responsibility for Varma s personnel Rooting a new work culture Promoting equality Looking after the workability of Varma employees Increasing Varma employees competence in responsibility matters Employee satisfaction Targets and actions to promote equality drawn up, management s and administration s statement on diversity published Improvement in the disability pension contribution category Strongest operating expense efficiency in the sector Operating expenses as % of loading income Cost-awareness and responsible use of assets 7

8 We are happy to answer all your questions concerning corporate social responsibility at Varma! Integrated Annual Report and CSR Report (GRI) varma.fi/annualreport Latest CSR news varma.fi/responsibility Katariina Sillander Corporate Social Responsibility Katri Viippola Senior Vice-President, Communications, HR and Corporate Social 8 12 February 2016 Varma s Corporate Social Responsibility Programme

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