For Hannover Re, sustainability means a commitment to responsible and transparent corporate governance geared to lasting success. With this in mind, a Sustainability Strategy was first developed for Hannover Re in 2011, fleshing out in more concrete detail the overriding corporate strategy of the Group and affirming the company's explicit commitment to its strategic objectives for sustainable value creation.
In conformity with the Group Strategy, the sustainability goals are also reviewed pursuant to the three-year strategy cycle and adjusted on the basis of a materiality analysis and according to the current need for action. Sustainability goals that have not been achieved are carried over to the new strategy cycle.
Hannover Re's Sustainability Strategy defines the four action fields shown below and specifies concrete goals.
- Governance and Dialogue
- Product Responsibility
- Environment and Society
Hannover Re continuously pursues its sustainability goals and reports annually on their realisation in the Sustainability Report.
Key contents of our Sustainability Strategy
Hannover Re is committed to responsible and transparent corporate governance geared to lasting success. In this context, the company seeks an active and continuous dialogue with its stakeholders, whose trust is a vital prerequisite for entrepreneurial success. In this connection Hannover Re reports annually on relevant topics in its Sustainability Report. The German Corporate Governance Code as amended from time to time and the company’s own Corporate Governance Principles serve as the foundation for responsible action. In addition Hannover Re's own Code of Conduct is also accepted by our employees as part of their employment contract and hence has binding effect. Through its high ethical and social standards the company ensures integrity in its dealings with business partners, employees, shareholders and the public at large both as part of its strategic orientation and in day-to-day business. The efficiency of Hannover Re's corporate governance is monitored by the Compliance function and by Group Auditing, and it is refined as required.
The Group's reinsurance products and services are geared to the needs of the market and clients, with whom Hannover Re engages in an ongoing dialogue. In view of the changing social challenges, products designed to protect against new economic, social and environmental risks are growing steadily in significance. The company attaches special importance to protection against risks resulting from climate change as well as to insurance coverage for socially vulnerable groups. In this context Hannover Re sets great store by continuously expanding its knowledge and risk management, especially when it comes to environmental, social and governance topics (ESG topics).
In the interests of its clients and shareholders, Hannover Re's investment strategy strives to generate a return that is commensurate with the risks. In this regard the company emphasises the responsible management of its investments by consciously incorporating ESG criteria into its investment policy.
Hannover Re's employees are a crucial factor in the company's success. In order to ensure that it is perceived as an attractive employer, Hannover Re has dedicated itself to continuous executive development and employee advancement with an eye to both the professional and personal growth of its staff. With a view to safeguarding the sustainable development of its business and preserving the company's high quality standards, Hannover Re also focuses on protecting physical and mental well-being. At the same time, the company promotes diversity and equal opportunities in the workplace and enables its employees to maintain a healthy work/life balance.
Hannover Re takes responsibility for the environment and the social sphere in which it operates. The focus of its environmental conservation efforts is on reducing CO2 emissions through the sustainable supply of energy and heat to its premises, the use of environmentally friendly travel options and the economical consumption of resources in its working practice. In the context of procurement the company pays close attention to compliance with environmental and social standards and exercises care in choosing its products and suppliers.
Hannover Re's social involvement extends beyond its location in Germany to include the Group's subsidiaries and branches, which conduct their own projects targeting social concerns in the individual countries. In terms of content, efforts are concentrated on supporting the areas of society and science, environment and climate protection, employees, welfare and protection of young people, advances in medicine and humanitarian projects as well as on fostering the voluntary social engagement of staff.