The major sustainability issues for our company can influence the Group's commercial success in the short, medium and long term. With this in mind, we carried out an internal materiality analysis in 2014. In the context of several workshops attended by representatives from all relevant specialist units and held with external support, major topics along the value creation chain, compulsory and voluntary standards as well as long-term trends were identified. We then weighted the topics using a rating system to determine materiality.
Core issues associated with environmental, social and governance (ESG) ratings and UN initiatives have additionally been taken into account and added to our list of material topics accordingly. Social concerns and environmental impacts associated with our company are also included in our considerations, even though the latter are comparatively minor.
Subsequent clustering then adds to the clarity of differentiation between the selected topics and helps to avoid duplications. In this way, we have identified 15 material sustainability issues that are set out accordingly in the Sustainability Report:
|Action field||Clustering of material issues|
|Governance and Dialog||Responsible corporate governance|
|Product Responsibility||Risk expertise|
|Sustainable insurance solutions|
|ESG in asset management|
|Customer orientation and satisfaction|
|Employees||Executive development / Employee advancement|
|Environment and Society||Operational environmental conservation|
In the context of the materiality analysis we also identified nine material issues in the area of financial performance. These are covered by the corporate strategy. We report extensively on the progress of goal achievement in the Annual Report 2017.
In the process of preparing the Non-Financial Information Statement in conformity with the CSR Directive Implementation Act (CSR-RUG) and going beyond the definition of materiality applied in our Sustainability Report, the legally required dimensions of "business relevance" and "impacts" were factored into the determination of materiality. As a first step, the 15 material issues identified for the sustainability strategy were evaluated with an eye to their business relevance to the non-financial aspects of the CSR Directive Implementation Act. In a second step, the issues pinpointed by this evaluation as material were also rated according to their direct and indirect impacts on the non-financial aspects. All issues determined to be material under the CSR Directive Implementation Act were included and form the content of our Non-Financial Information Statement, which is contained and published in the management report within our Group Annual Report.
With a view to stepping up the dialogue with stakeholders on sustainability issues, we conducted a stakeholder survey in 2018 in the context of the new CSR Directive Implementation Act. Representatives of the following stakeholder groups were surveyed: clients, brokers, the capital market, employees, NGOs and the public sector. On this basis the materiality analysis was reconsidered and modified. It is intended to comply with both the GRI and the CSR Directive Implementation Act and establish the basis for our Sustainability Report and our Non-Financial Information Statement.
The new materiality analysis for the first time takes account of the Sustainable Development Goals (SDGs) of the United Nations, which came into force in 2016. These consist of 17 concrete goals which are intended to bring about a more sustainable and a more fair and equitable world by the year 2030. As a reinsurer with worldwide operations, we play an active part in the realisation of global sustainability goals and we want to make our contribution to the SDGs visible going forward.