Hannover Re’s investment policy strives for the generation of stable and risk-commensurate returns while at the same time safeguarding liquidity and solvency. In so doing, the company ensures high diversification of risks and limits currency exposures and maturity risks through matching currencies and maturities. The modified duration of the bond portfolio is therefore guided largely by the insurance-side liabilities. In addition, Hannover Re incorporates environmental, social and governance criteria (ESG criteria) into its investment policy. This is guided in particular by the ten principles of the United Nations Global Compact. It reflects values relating to human rights, working conditions, the environment and anti-corruption. From 2018 onwards we are excluding issuers who generate 25% or more of their turnover from coal mining and coal-based energy generation. Investments are reviewed half-yearly with an eye to compliance with these ESG criteria. Exclusion from the investment universe is provided for in the event of failure to comply with the criteria. Furthermore, investments in correspondingly identified securities are also prospectively avoided. As it develops and continuously reviews its investment strategy, the company works together with a service provider that specialises in sustainability.