Vienna Insurance Group Strengthens Sustainability Commitments with Expanded Declarations and New Group Sustainability Office

Vienna Insurance Group Strengthens Sustainability Commitments with Expanded Declarations and New Group Sustainability Office

(IN BRIEF) Vienna Insurance Group (VIG) reinforces its sustainability commitments by expanding its sustainability declarations in investment and underwriting and establishing its own “Group Sustainability Office” as part of the ongoing VIG 25 sustainability programme. The updated declarations outline stringent criteria for responsible investment and underwriting practices, including exclusions related to thermal coal, unconventional oil and gas, and banned weapons. Moreover, VIG enhances its engagement approach to investment, collaborating with external partner ISS ESG to encourage companies to improve their Environmental, Social, and Governance (ESG) performance. In parallel, the newly established Group Sustainability Office will serve as a proactive coordinator for all sustainability issues across the Group, overseeing the comprehensive implementation of the sustainability programme in various operational areas. This strategic move aligns with VIG’s commitment to sustainability and its pursuit of a net-zero target.

(PRESS RELEASE) VIENNA, 15-May-2024 — /EuropaWire/ — The sustainability declarations in the areas of investment and underwriting that are binding for all Vienna Insurance Group (VIG) companies are being expanded. VIG is also establishing its own “Group Sustainability Office” as part of the current VIG 25 sustainability programme.

Binding declarations for investments and underwriting

In implementing its sustainability strategy, VIG attaches particular importance in engaging with its stakeholders. In 2019, these dialogues led to the adoption of a declaration outlining sustainability criteria for the investment process and underwriting. This has now resulted in two declarations with extended regulations:

The declaration “Responsible Investment” lists the criteria for thermal coal and unconventional oil and gas, which were revised and extended in 2023 and details the exclusions in relation to banned weapons. In addition, VIG does not invest in companies that have violated the UN Global Compact or human rights. Moreover, VIG pursues an engagement approach to investment, which comprises active discussion and dialogue with companies in order to encourage them to improve their ESG performance in the areas relevant to VIG. VIG has been collaborating with its external partner ISS ESG in this way since autumn 2023.

With the declaration “Responsible Insurance in Corporate Business” adopted in March 2024 and now published, VIG no longer offers risk cover for unconventional oil and gas exploration. This includes shale gas and shale oil, tight gas and oil, and all types of new deep sea mining projects.

“By tightening our investment and underwriting guidelines, we are supplementing our ambitions in the pursuit of our net zero target, which we essentially map via our sustainability programme and the portfolio management contained therein. In addition, we are also establishing a Group Sustainability Office to anchor sustainability comprehensively in our business model”, HARTWIG LÖGER, CEO, VIENNA INSURANCE GROUP

Own Group Sustainability Office
The “Group Sustainability Office” acts as a proactive coordinator for all Group sustainability issues. It is primarily responsible for VIG’s sustainability programme, which was created in a collaborative process with the Group companies. The programme covers six areas of activity – asset management, underwriting, operations, employees, customers and society – in which the Group implements specific measures. Klaus Mühleder (55), who joined VIG in August 2005, acts as Group Sustainability Officer as part of his role as Head of Opportunity Management department.

The declarations and VIG’s first Engagement Report in collaboration with ISS ESG are available on the VIG website at https://group.vig/sustainability/downloads/.

Media Contact:

Wolfgang Haas
Internal & External Communication | CO³
+43 50 390-21029
wolfgang.haas@vig.com

SOURCE: Vienna Insurance Group