SUPPORTER OF YOUR LIFE, TODAY AND TOMORROW 
SUSTAINABILITY REPORT 2022

Contents
“Doing more, and above all doing better”	
3
Highlights	
7
Sustainability at AG	
8
Our ambition	
11
Commitments, recognitions and ratings 	
13
AG as an insurer	
14
Key Facts & Figures	
15
AG as an insurer	
15
Our purpose	
16
	
• Good business and a better future 	
16
Mobility and Home	
17
	
• Paving the way to sustainable mobility	
17
Health, Accident and Pension 	
20
	
• Getting better all the time 	
20
Save & Invest	
22
	
• Products with responsible investments	
22
Beyond our products	
24
AG as an investor	
25
Key Facts & Figures	
26
Our approach	
27
	
• Investment as a tool for change 	
27
Our track record	
28
	
• Timeline	
28
Investments	
29
	
• Investing our way to net zero	
29
Our figures 	
30
AG as an employer 	
32
Key Facts & Figures	
33
A great place to grow for all 	
34
AG Campus	
35
A sustainable and innovative workplace 	
35
Diversity, Equity & Inclusion	
36
	
• Celebrating our differences 	
36
	
• Gender: A balancing act 	
37
	
• Age: The value of experience 	
37
Our achievements 	
38
	
• A winning employer	
38
	
• How we built a better workplace in 2022 	
39
AG as a responsible company  	
41
Key Facts & Figures	
42
Our environmental impact 	
43
	
• Greener every day 	
43
	
• Our initiatives	
44
	
• The facts on CO2	
45
	
• Offsetting C02	
46
Supporting Society 	
47
	
• Positively impacting people and communities around us	
47
	
• Ethical business behaviour through our Code of Conduct	
49
Risk Management	
50
Sustainability Governance	
51
Sustainable Procurement	
51
Conclusion	
52
2
2022 Sustainability Report

“Doing more, and 
above all doing 
better”
To introduce this third edition of AG’s 
sustainability report, we asked CEO Heidi 
Delobelle and Director of Sustainability Nathalie 
Erdmanis for their input. These two powerhouse 
leaders have been weaving sustainability 
into company’s culture. With our projects 
and initiatives, we’re transforming Belgium’s 
insurance market leader into a shining example 
of a people- and planet-friendly organisation.
We give you an overview of AG’s sustainability-
related challenges and triumphs over the past 
year, which you’ll explore in greater detail in the 
following pages. 
 
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2022 Sustainability Report

“My mission is to embed 
sustainability in each 
department of our company ”
How was 2022 for AG? 
Heidi Delobelle: 2022 was in many 
ways an eventful year for our 
customers: the war in Ukraine, the 
unstable market, the energy crisis, 
increasing prices and the drought 
that lasted for several months. But 
our clients can find in AG a solid 
company run with a long term view, 
today but also tomorrow and the day 
after tomorrow.
What are your ambitions in terms 
of sustainability?
H.D.: Sustainability is a major part 
of who we are. We want to embed 
it further in our day-to-day activi-
ties, by incorporating it in all of our 
current and future projects. Our 
sustainability strategy is divided into 
four key areas, covering our role as 
an insurer, investor, employer and 
business. Our role as an investor is 
obvious. We have close to €70 billion 
assets under management including 
a significant portion that can be 
earmarked for sustainable purposes. 
But even more crucial is our role as 
an insurer. Incorporating sustaina-
bility in the core of our activities is 
essential to building a sustainable 
future. I’m delighted to see that 
each department at our company is 
internalising this philosophy.
Do you think young people have 
high expectations when it comes 
to sustainability? 
H.D.: Absolutely. After all, they know 
that we’ll be leaving the planet in 
their care in two, three or even four 
generations. We regularly check 
in with them by collaborating with 
schools and running activities that 
appeal to this target group. And 
there’s no doubt in my mind that the 
further we go in the sustainability 
transition, the more successful we’ll 
be in attracting young talent to join 
our ranks. Our brand new learning 
and innovation centre, the AG 
Campus, illustrates our sustainability 
ambitions in so many ways and is 
the go-to place to work collabora-
tively, feel inspired and interact with 
colleagues.
Heidi Delobelle
CEO
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2022 Sustainability Report

Sustainability is often associated 
with climate change, but is  
that it? 
Nathalie Erdmanis: That’s true, 
because climate change is a big 
piece of it and gets a lot of press 
coverage. But our view of sustain-
ability is much broader than that. 
Keep in mind that the acronym 
“ESG” [Environmental, Social and 
Governance] also contains the letter 
“S”, an area where an insurer like 
us can bring about positive change. 
For example, our platform and social 
media campaign to raise awareness 
about loneliness, and our Return to 
Work programme that gets employ-
ees back to work safely and success-
fully after burnout. We want to make 
the world a better place for ourselves 
and future generations not only from 
an environmental perspective, but 
from a social one as well.
What were AG’s most significant 
sustainability achievements in 
2022?
N.E.: Let me give you a few examples. 
We created an ecosystem for electric 
vehicles to ease our customers’ 
transition to green mobility. We 
now have a portfolio of 40 savings 
and investment solutions for our 
customers that have earned the 
Towards Sustainability label. And via 
Ageas, we signed the Net Zero Asset 
Owner Alliance NZAOA to commit to 
net zero emissions by 2050. But I’d 
also like to point out our social role. 
For example, our initiatives to fight 
loneliness, our support for charities 
and our recently developed vision 
on Diversity, Equity and Inclusion to 
make AG a great place to grow for all.
And how does the future of 
sustainability look at AG?
N.E.: The transition to a more 
sustainable world is certainly not 
a given. Doing more, and above all 
doing better, is our motto in this 
gigantic challenge. In the short-
term, we want to increase insurance 
premiums from products that favour 
the transition to a more sustainable 
world. In the long term, we’re aiming 
for net zero carbon emissions in our 
investment portfolio by 2050. But 
we see this as a journey, an evolving 
process, and we’re continuously 
taking steps in this direction.
“Social is an area where  
an insurer can bring about 
positive change”
Nathalie Erdmanis
Director of Sustainability
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2022 Sustainability Report

NET ZERO 
GHG EMISSIONS 
in our investment portfolio 
by 2050 (NZAOA) 
Opening of our brand new 
AG Campus
60
employee 
NPS 
with 
70 BILLION 
AG is one of the largest Belgian 
institutional investors
9.3 
BILLION 
invested in the transition  
towards a more sustainable world
360
new hires joined 
the AG family last year
 MY WELLRI 
a service to quantitatively assess 
employee well-being
AG as an insurer
as an investor
as an employer
TOP 
EMPLOYER 
for 11 years 
in a row
Women
Men
54%
46%
as a responsible company
solidarity 
associations
supported
60
9,924
tonnes of CO2 emitted 
and offset in 2022
More than
5,000
distribution partners
1 in 2
Belgian families 
is insured by AG
200
years of expertise
4,280
employees
Electric 
mobility 
solutions 
via our partners 
Touring, Optimile, SoSimply
40 
PRODUCTS 
with Towards  
Sustainability Label
25 
BILLION 
invested in the 
Belgian economy
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2022 Sustainability Report

Highlights
Launch of our 
Electric Vehicle 
ecosystem
Acquisition
of Anima
Car Repair Days
1st Sustainability 
Day for AG 
employees
Investment  
in Fluxys
Opening of the 
AG Campus 
Integration of 
My WellRi in our 
disability offer 
1st race of our AG 
female cycling team
First floor
Reinvent
Workplace
was inaugurated
AG College project 
for recruiting 20 
candidates without 
higher diploma
SunDo : distribution 
of free sunscreen
Loneliness 
campaign :  
helping young people 
to fight loneliness 
Start of our 
Diversity, Equity 
& Inclusion (DEI) 
programme 
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
40 products earned 
the Towards 
Sustainability Label
Signing of the Net 
Zero Asset Owner 
Alliance
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2022 Sustainability Report

Sustainability at AG
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2022 Sustainability Report

AG in a nutshell
With more than 2.7 million customers, AG is Belgium’s mar-
ket leader. We’re a family of over 4,280 employees providing 
support, advice and expertise to over half of all households in 
the country. We serve individuals and families, self-employed, 
small and larger corporations. No matter the customer, our 
mission is simple: to help people live their lives to the fullest 
today while preparing them for the challenges of tomorrow. 
 
We offer a full range of life, non-life, health and pension 
products through a multi-channel distribution strategy 
including independent brokers, Fintro agents and bank 
branches (BNP Paribas Fortis and Bpost bank). We work 
together with corporations so that they can provide their 
staff members with comprehensive coverage. 
  
AG is 75% owned by Ageas and 25% owned by BNP Paribas 
Fortis. Among our direct and indirect subsidiaries and affil-
iates are AG Real Estate, Interparking, Homeras, AG Health 
Partner and, most recently, Touring. 
Sustainability at AG
Our values
CARE
We respect, support and help those 
around us, and stay true to  
who we are.
DARE
We push boundaries and are  
not afraid to take chances
DELIVER
We fulfil our commitments and stay 
true to our promises.
SHARE
We learn together, inspire others  
and spread our successes  
to all our stakeholders.
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2022 Sustainability Report

3
Importance to Management Committee
Importance to Stakeholders
4
4
5
5
3,5
3,5
4,5
4,5
Materiality assessment
The purpose of a materiality assessment is to identify the 
most important sustainability topics for our stakeholders. 
This allows us to increase the significance of our impact 
and the effectiveness of our programmes, and to make 
sure our initiatives are aligned with our stakeholders’ 
expectations and commercial activities. 
 
We asked AG’s Management Committee, employees, 
customers and stakeholders about the sustainability 
issues that are most important to them. Their responses 
have been collected in this materiality assessment. 
The findings will guide our strategy and future actions, 
allowing us to better define and direct our ambitions.
 
We found that these are the top five material topics for 
our stakeholders and management:
1.	 Financial resilience
2.	 Equity in the workplace
3.	 Well-being in the workplace
4.	 Transparency to customers
5.	 Responsible & ethical governance.
Topics included in the assessment 
were scored on a scale of 1 (not at all 
important) to 5 (extremely important). 
All stakeholders rated all topics at 3 
(somewhat important) or higher.
Financial resilience
Diversity & inclusion
Social Responsible Investment (SRI)
Responsible & ethical governance
Wellbeing in the workplace
Equity in the workplace
Transparency to customers
Local engagement
Environmental footprint
Transparent communication 
Sustainable products & services
Climate change
Sustainable procurement & partners
Accessible insurance
Active stewardship on sustainability
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2022 Sustainability Report

Our ambition
With responsibility for over half of all families 
in Belgium, we are convinced that our role goes 
further than protecting our customers.
For us, this role means more than just high-
quality coverage. We want to lead the way to a 
better world – for our customers, our employees 
and everyone else. And we can only make that 
happen by engaging with all of our stakeholders 
and embedding sustainable, long-term thinking 
into all of our activities.
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2022 Sustainability Report

As an insurer, we already provide 
solutions for important societal 
issues such as health, pensions, cli-
mate, housing, and mobility. But we 
can go even further by offering more 
products with a positive impact, 
and by better communicating that 
impact to our customers.  
That’s why we’ve set ourselves the 
concrete goal of increasing insur-
ance premiums coming from prod-
ucts that stimulate the transition to 
a more sustainable world.
As an investor, we have a significant 
track record of responsible invest-
ments. We already screen 100% of 
new investments on ESG criteria. But 
we want to do even better. So we’ve 
made the commitment to invest by 
2024 at least €10 billion in assets 
that contribute positively to a more 
sustainable world. In the longer 
term, we via our parent company 
have joined the UN-Convened Net 
Zero Asset Owner Alliance (NZAOA), 
a pact to achieve net zero carbon 
emissions in our investment portfolio 
by 2050.
As an employer, we want to provide 
every member of our staff with a 
great place to learn and grow. For our 
dedication, we’ve been rewarded with 
Top Employer honours for 11 years in 
a row. But we’re constantly working 
to increase opportunities for all our 
employees. We’ve defined an action 
plan to better incorporate diversity, 
equity and inclusion into our day-
to-day business, and launched a 
multi-year office renovation plan to 
create an environment where every-
one feels welcome and encouraged 
to be their best selves.
As a responsible company, we aim to 
do business with integrity and respect 
for our environment and society. By 
offsetting our emissions, we have 
been carbon-neutral since 2019, but 
our participation in the worldwide 
fight against climate change doesn’t 
end there. We aim to reduce our foot-
print in line with the EU’s European 
Green Deal ambitions and have set 
ourselves the goal of decreasing 
our greenhouse gas emissions by 
40% over the next seven years. We 
also know that as a large company, 
our choice of suppliers matters. One 
of our next steps will be to include 
sustainability criteria in our supplier 
selection process.
We identified four ways AG can take action on sustainability: 
As an insurer
As an investor
As an employer
As a responsible
company
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2022 Sustainability Report

Commitments,  
recognitions  
and ratings 
Worldwide business sustainability 
rating agency
Framework for insurance industry to ESG 
risks and opportunities
Belgian label for financial products that 
meet the requirements of the Towards 
Sustainability Quality Standard
Carbon-neutral certification offered 
for mitigating greenhouse gases 
related to activities
Initiative urging companies to measure and 
publish climate related data and to implement 
actions to address environmental issues
Sustainability assessment method for 
masterplanning projects, infrastructure and 
buildings
Belgian initiative to reduce the environmental and 
social footprint of IT 
Principles of sustainable development 
including human rights, labour, 
environmental and anti-corruption topics
International independent standards 
organization for impact reporting
Recommendations for more effective
climate-related disclosures
Committed by Ageas
Recognition on excellence in people 
practices
Belgian initiative to improve gender 
equality in the financial sector
Active contribution to 10 Sustainable Development Goals 
Initiative to ensure the world’s largest 
emitters take necessary action on 
climate change
Framework for incorporating ESG issues 
into investment practice
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2022 Sustainability Report

AG as an insurer
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2022 Sustainability Report

of e-vehicle 
charging stations 
in Belgium are 
accessible via 
Mobiflow 
95%
40
of our financial 
products have earned 
Belgium’s Towards 
Sustainability label
Key Facts & Figures
10,500
brokers have attended courses at 
the AG Business Academy
3,500 AFFILIATED 
have safely and successfully  
transitioned back to work with our 
Return to Work programme 
3,000
cars repaired at our 
Car Repair Days
25,000
employees have participated in  
AG Health Partner’s programmes 
1.2 MILLION 
customers use our  
My Global Benefits online  
pension platform
people in Belgium have 
a supplementary  
pension plan with AG
1 in 3
AG as an insurer
99%
of our Save and 
Invest products 
comply with  
Articles 8 and 9  
of the EU’s  
SFDR 
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2022 Sustainability Report

For almost 200 years, our mission has remained 
the same: to support the lives of our customers, 
now and for years to come. As an insurer, it’s 
our job to plan for the future, so we design our 
products and services with sustainability in mind. 
Our purpose
Good business and  
a better future 
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2022 Sustainability Report

Mobility and Home
The Mobiflow app and universal 
charge card, developed by our col-
leagues at Optimile, gives customers 
access to charge points in Belgium 
and throughout Europe while provid-
ing transparent information about the
nearest charging station, the cost
of a charge and how long it will take.
With the broad network of profession-
als at AG subsidiary SoSimply,
installing a home charging station
has never been simpler. 
We offer an ecobonus – a discounted
premium – to anyone who purchases 
an electric vehicle, and cover items 
like home charging stations and 
home batteries in our standard home 
insurance policy. What’s more, our 
partners make sure customers will 
never have to worry about running out 
of power or finding a place to charge.
Flat battery on the road? The mobile
teams at AG’s assistance partner
Touring are equipped with boosters
that will charge it back up within
minutes, avoiding the need for a tow.
In 2022, we recorded 75% growth
in new contracts for electric cars and
43% for hybrid vehicles.
Paving the way to  
sustainable mobility
Did you know that over half of all people in Belgium are interested to make  
the switch to hybrid or electric vehicles but many barriers remain for one in three?
+75%
electric cars
+43%
hybrid cars
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2022 Sustainability Report

But that’s not all...
Sustainability pays 
Our “Kilometre Bonus” formula reduces premiums for drivers who use their 
cars less, incentivising drivers to leave their cars at home. We also offer an 
ecobonus to customers with energy-efficient houses. 
Automated autos 
After previous trials with self-driving cars in a controlled environment, AG is 
participating in a Colruyt Group pilot project to put a fully automated vehicle 
on public roads in Belgium for the very first time.
The fix is in 
Our Car Repair Days initiative helps convince customers that repair can be a 
better solution than replacement, with 9,000 dents and creases erased from 
3,000 cars in three days at the 2022 edition. 
Big or small, the road’s for all 
Bicycles are more popular than ever in Belgium. That’s why we now offer a 
dedicated bicycle product that also covers ‘soft’ mobility devices such as 
electric scooters and monowheels.
Mobility and Home
Sustainability is an integral part of our 
company’s DNA. We have selected sectors that 
accelerate the transition to a more sustainable 
world and advise companies committed to 
green energy, circularity, recycling, the sharing 
economy, etc. We urge other sectors to care-
fully consider the dangers of procrastination 
and spur them into action. 
We asked our brokers to share their 
approach to sustainability.
I see sustainability as our duty to protect human 
health, safety and the environment we live in. 
In practical terms, this means reducing our 
dependency on cars (working from home, public 
transport), taking a greener approach to IT 
(sustainable data storage, standby mode) and 
drastically cutting down on paper consumption. 
Paul-Emmanuel Casier 
Casier Risk & Insurance, Menen
Damien Boone 
Boone & de Vinck, Dinant 
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2022 Sustainability Report

EcoBonus discount for green homes
We offer an EcoBonus premium discount for homes with 
a green energy certificate or renewable energy installa-
tion such as a heat pump, solar panels or domestic wind 
turbine.
Go green, go clean – also at home 
Our home insurance covers solar panels at no additional 
cost. In addition, any damage to our customers’ homes is 
repaired in compliance with the latest energy standards.
Fixing the world one thing at a time
Our subsidiaries DrySolutions, specialised in leak detec-
tion, and RespoRepair, which prioritises repairs above the 
replacement of damaged window frames, taking an eco-
friendly approach. AG works with 350 repair professionals 
available via our subsidiary Homeras.
Whatever the weather
It’s not enough that our home and car insurance policies 
cover natural catastrophes such as the recent floods in 
Belgium. We also actively champion closer cooperation 
between the government and insurers to better manage 
the consequences of such disasters in the future.
Mobility and Home
“As the technology evolves, I believe that the 
insurance coverage of the new sustainable 
solutions will not be an option but a certainty, 
such as solar panels or charging stations. In 
the same way that running water was included 
in the standard home appliances decades ago.”
Edwin Klaps
Managing Director of Broker Channel 
and Non-Life Insurance Development
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2022 Sustainability Report

A healthy workplace needs healthy workers. But burnout, illness and other 
disorders can take a heavy toll, resulting in over half a million long-term sick 
leave cases in Belgium in 2022 – an alarming number that’s still rising. 
Our innovative health and well-being solutions help employers address this 
challenge. The My WellRi service, part of our Income Care offering since the 
beginning of 2022, provides companies with a scientifically-based, quanti-
tative analysis of employees’ personal and professional wellbeing. With this 
assessment, businesses can tailor their well-being policies to their workers’ 
needs, dramatically reducing absenteeism. 
For employees on long-term sick leave, we offer Return to Work assistance 
to help get them back to work safely and successfully. Available to corporate 
clients with Income Protection coverage, the programme offers expert guid-
ance to employees on leave for burnout and other stress-related conditions, 
to get them fit for active duty again. Since 2022, the product also includes 
a dashboard that provides employers with clear insights and performance 
metrics for their Return to Work assistance programmes. What’s more, the 
dashboard allows companies to benchmark their performance against their 
industry peers. Of course, we’re sticklers when it comes to privacy and have 
put the necessary safeguards in place to ensure confidentiality and integrity  
of data.
Health, Accident and Pension 
Getting better 
all the time 
Benoit Halbart
Managing Director of AG Employee 
Benefits / Health Care
“Employee burnout is on the rise in our society.  
Our Return to Work assistance programme helps  
get people back on track: over the past five years, 
we’ve offered roughly 5,000 programmes with a 
whopping 70% success rate.”
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2022 Sustainability Report

Other ways that AG supports employers 
and employees are as follows: 
Digital solution with the digital platform  
My Health Partner 
AG Health Partner offers companies and their 
employees scientifically-proven programmes 
in the fields of physical well-being, mental 
resilience, stress management and more. The 
platform is tailored to each individual compa-
ny’s needs and includes a 360° well-being audit 
as well as the set-up, roll-out, and communica-
tion of a well-being strategy and action plan. 
Together against cancer 
We support RECONNECT, an initiative developed 
by Fondation contre le cancer/Stichting tegen 
Kanker that provides managers with tips and 
advice on how to support staff members under-
going or recovering from cancer treatment. 
Safer workplaces
Our Worker’s Compensation products include 
access to our Safety Consultant Department. 
Its team of specialised safety consultants pro-
vide advice, support and training all accidents 
related to the work, on site and on the way.
A pension that works for you 
With Belgium’s ageing population putting 
pressure on government pensions, it pays to 
have a back-up plan. Over half of large Belgian 
businesses and 1 out of 3 people in Belgium 
trust AG to prepare for their retirement with 
a supplementary pension invested based on 
sustainable and responsible practices.
Health, Accident and Pension
  Health
Partner
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2022 Sustainability Report

With sustainable savings and investment solutions, 
everybody wins: us, our customers, and our planet. 
That’s why we apply responsible investing practices 
to every savings and investment product in our con-
stantly growing range. More over, 40 of our products, 
accounting for 35% of premium inflows in 2022, have 
earned the “Towards Sustainability” label. Developed 
by the Belgian financial sector, this quality standard 
is awarded only to financial products that meet strict 
sustainability criteria as evaluated by an independent 
external institution. 
Benny De Wyngaert
Managing Director of Bank Channel 
and Life Insurance Development
“Over 40 of our  
long-term savings and 
investment products 
have earned the 
Towards Sustainability 
label, which makes it 
easy for customers 
to make responsible 
choices for the good 
of our society, the 
economy and the 
planet.”
Save & Invest
Products with  
responsible investments
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2022 Sustainability Report

Save & Invest 
As we want our customers to know how sustainable 
their investments are, we approve and support the 
EU’s new Sustainable Finance Disclosure Regulation 
(SFDR), which provides consumers with transparent 
information about the sustainability of financial 
products. Most of our products have social or envi-
ronmental characteristics (classified as art 8), thanks 
to the sustainable investment policy implemented by 
AG. Two of our thematic funds are having a sustain-
able investment objective (classified as Art 9) like 
water purification or mitigation of climate change. 
Together, Article 8 and Article 9 products account for 
more than 99% of AG’s save and invest products. 
Savings for everyone 
The online platform Uppie, available through our distribution partner Keytrade 
Bank, makes saving and investing easy and accessible. Based on AG’s many 
years of fund management experience, it uses clear and simple language to 
help customers find out which product is best for them. All it takes is at least 
€10 investment to get started. 
All in the family 
It’s important to teach parents about smart money management. Our fami-
ly-oriented savings and investment platform Yongo gives parents tips on how 
to handle money consciously and responsibly. 
Making ourselves clear 
We’re big believers in transparent communication. Whether through  
summary documents, videos, FAQs or feedback-based reviews of our terms 
and conditions, we make sure that our products are understandable for all of 
our customers. 
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2022 Sustainability Report

Beyond our products
Accompanying our brokers
AG doesn’t only support its cus-
tomers on their sustainability 
journey – we support brokers as 
well. In 2023, we’re rolling out a new 
web-based platform that includes 
a short questionnaire for our distri-
bution partners to calculate their 
carbon footprint. After they see the 
results, calculated according to the 
Greenhouse Gas Protocol, they can 
take action to lower their impact by 
committing to one of the personal-
ised options proposed by the plat-
form. With this project and others, 
we are convinced to make it easy for 
brokers and their employees to make 
a positive commitment to society.  
The insurance world is changing fast, 
and brokers need to know the latest 
regulations and best practices. At 
the AG Business Academy, located 
at the innovative AG Campus in 
Belgium, our distribution partners 
receive intensive training to keep 
them informed and up to date with 
the latest developments. Our 2022 
offerings covered such topics as 
the recent inclusion of customer 
sustainability preferences in the EU’s 
Insurance Distribution Directive, and 
how to match customer preferences 
with products based on SFDR disclo-
sures. All in all, we welcomed 10,500 
participants to our classrooms for a 
total of 57,000 hours of training. 
Let’s get phygital
AG’s 360° approach offers customers the best of both 
worlds by letting them choose between physical and dig-
ital interactions. For years, our customers have been able 
to check their pensions online via the My Global Benefits 
platform, claim back their healthcare expenses via the 
Health Care app, and electronically sign their savings and 
investment contracts with BNP Paribas Fortis. In 2022, 
we launched MyAG, which gives enterprise customers an 
online overview of all their AG insurance policies. We’re 
looking forward to extending this further in 2023. 
We continuously strive to cut down on paper consump-
tion by promoting digital communication between bro-
kers and end customers. Not only is it more sustainable, 
it’s more cost-efficient – and it makes our customers’ 
lives easier.
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2022 Sustainability Report

AG as an investor
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2022 Sustainability Report

Key Facts & Figures
AG as an investor
700
parking spaces for electric 
vehicles via Interparking
25 BILLION 
invested in the Belgian economy
790 
MILLION 
invested in infrastructure 
projects related to renewable 
energy
+64%
increase in photovoltaic capacity 
on AG Real Estate office buildings 
between 2017 and 2022
Our policy for all  
investment decisions
EXCLUDE 
INTEGRATE 
ENGAGE
NET ZERO 
GHG emissions in our 
investment portfolio 
by 2050 (NZAOA) 
70 BILLION 
AG is one of the largest
Belgian institutional  
investor
9.3 
BILLION 
invested in assets contributing  
to the transition towards a  
more sustainable world
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2022 Sustainability Report

Our approach
Investment as a 
tool for change 
With close to EUR 70 billion in assets under management 
(including unit-linked funds), AG is one of Belgium’s big-
gest institutional investors. We use these investments 
as a powerful tool to raise awareness among the compa-
nies in our portfolios, helping them steer their businesses 
in a more sustainable direction. And we directly promote 
social and environmental values by financing infrastruc-
ture projects, renewable energy and water treatment 
facilities, and low-income housing projects.
As a defensive long-term investor, we believe that envi-
ronmental, social and governance considerations (ESG 
factors) are key performance drivers, both from a return 
and a risk perspective. We support the development of 
a more inclusive and sustainable economy in order to 
generate a stable long-term return for stakeholders, 
mitigate and diversify risks, and facilitate the shift to a 
greener and fairer world.  
Our approach to sustainable and responsible 
investing is based on three principles:    
Exclude 
We exclude certain countries, sectors and activities such 
as weapons, financial embargoes, tax havens, tobacco, 
gambling, thermal coal, unconventional fossil fuels, food 
commodities derivatives and companies in breach of UN 
Global Compact principles.    
Incorporate 
We don’t only analyse financial figures in our investment 
decision-making process – we always take environmen-
tal, social and governance factors into account in these 
decisions.    
Engage 
We vote at shareholder meetings and initiate dialogues 
with companies to support them in their sustainability 
journey. We demand transparency and a commitment to 
sustainable objectives from the businesses we invest in.    
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2022 Sustainability Report

Our track record
Timeline
2007
2008
2012
2018
2019
2020
2021
2022
Exclusion of 
controversial 
weapons from the 
entire investment 
portfolio
Start of “Investing in 
the Real Economy” 
project (“Schools of 
Tomorrow”) 
Signing of the United 
Nations Principles 
for Responsible 
Investment (UN PRI)
Signing of the 
Carbon Disclosure 
Project (CDP)   
Exclusion of all 
investments in Artic 
drilling, shale oil and 
gas, oil sands and 
gambling 
Launch of first 
sustainable  
unit-linked funds 
for Retail customers 
portfolio
Exclusion of all 
investments in 
coal, tobacco and 
weapons
Adoption of 
Engagement policy 
AG joins Climate 
Action 100+, 
the world’s 
largest investor 
engagement 
initiative on climate 
change
Signing of the 
Net Zero Asset 
Owner Alliance 
(NZAOA)  
Exclusion of all 
investments in 
companies in 
serious breach 
of the United 
Nations Global 
Compact (UNGC) 
principles  
ESG criteria 
applied to all new 
investments
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2022 Sustainability Report

Investments
Investing our 
way to net zero
Bernadette Migisha
Head of Sustainable &  
Responsible Investing
“The commitment to 
the Net Zero Asset 
Owner Alliance is our 
latest expression of our 
engagement to invest our 
70 billion EUR assets with 
a positive impact on our 
climate for now and the 
generations to come.” 
In 2022, our parent company Ageas became the first 
Belgian signatory to the UN-convened Net Zero Asset 
Owner Alliance (NZAOA), a member-led initiative of 
insurers, pension funds and asset managers committed 
to transitioning their investment portfolios to net zero 
greenhouse gas emissions by 2050.
To meet this long-term goal, AG has set an intermediate 
target to reduce the greenhouse gas emissions of its 
equity, corporate bond, real estate and infrastructure 
portfolios by 50% by 2030.
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2022 Sustainability Report

Our figures 
At year-end 2022, we had EUR 9.3 billion invested in creating a more 
sustainable world, a year-on-year increase of EUR 400 million.
Social
Environmental
9.3
billion
EUR 2.8 billion in school infrastructure, nursing homes, 
assisted living facilities, etc.
EUR 2.8 billion in loans for low-income housing  
construction projects
EUR 790 million in renewable energy sources
EUR 340 million in green mobility infrastructure
EUR 800 million in green buildings 
EUR 1.5 billion in green bonds and other green investments 
EUR 320 million in EU taxonomy-aligned activities 
Investments
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2022 Sustainability Report

***
Serge Fautré
CEO, AG Real Estate 
“Sustainability in real estate is not 
an objective. It is a moral obligation 
towards future generations.” 
More than EUR 830 million in new investments was done in 
infrastructure, including renewable energy-related projects 
such as offshore wind farms in the North Sea, solar power 
stations in Spain and Italy, and fibre-optic Internet technol-
ogy in rural and semi-rural areas in France, Spain and Italy.
Our investment in the Belgian economy equals a total of  
EUR 25 billion, including EUR 17 billion in government bonds
Our subsidiary AG Real Estate, Belgium’s leading private 
real estate investor, completed renovations on Westland 
Shopping Centre in Brussels, among other efforts to upgrade 
its assets and activities to the highest environmental 
standards. 
For the first time, we participated in the CDP SBTi campaign, 
a collective engagement initiative which urges companies 
to set and commit to environmental targets aligned with the 
Paris agreements.
In 2022...
Fluxys supports the sustainable energy 
transition in Belgium by developing 
transportation infrastructure for  
hydrogen and CO2. 
Anima is a service provider active in 
high-quality senior and elderly care 
living options that live up to the compa-
ny’s baseline “Your happiness means the 
world to us”.
Interparking is a public car park  
operator that takes a multifaceted 
approach to green mobility. In 2022, 
it increased the number of parking 
spaces for electric vehicles and bicycles 
throughout Europe and rolled out 92 
“Lungs in the City” systems to purify the 
air in its facilities. 
Investments
Our investments in practice:
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2022 Sustainability Report

AG as an employer 
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2022 Sustainability Report

AG as an employer
1,000
participants in Talk2Grow, our new 
employee continuous feedback 
approach
11
number of times in a row that AG  
has earned Top Employer honours
60
our employee Net Promoter Score 
(eNPS) in 2022 – at the top end of 
the range for our sector
20
people without a higher diploma 
recruited for AG College, our new 
training programme
171
open positions filled by internal  
candidates and as many  
opportunities to grow and extend 
their knowledge within AG
7
average days of training for active 
employees (from 5.7 in 2021) 
800
colleagues attended 
AG’s first Sustainability Day
360
new hires that joined 
 the AG family in 2022
DEI
we pursue a holistic approach to 
diversity, equity and inclusion 
 
per week that our employees  
can work from home
AG CAMPUS 
next-level sustainable 
building design in Brussels’ 
downtown core
3 DAYS
Key Facts & Figures
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2022 Sustainability Report

A great place to grow for all 
A good workplace is more than 
an office. It’s a community 
of talented and motivated 
people, all learning, growing 
and cooperating together.
AG is home to 4,280 employees, with 
360 new hires joining us in 2022. We 
want to provide each and every one 
of them with an inclusive, inspiring 
work environment where they can 
make the most of their talents. 
Our unique corporate culture cele-
brates diversity and prizes human 
connection. Colleagues trust each 
other and cheer each other on, 
driven by the enthusiasm to keep 
moving forward – as individuals, as a 
team and as an organisation.
Our approach
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2022 Sustainability Report

A sustainable and  
innovative workplace 
In March 2022, we unveiled the AG Campus: our new training and innovation 
centre spread out over 4,800 square metres in the heart of Brussels. We 
recovered and upcycled elements from our existing facilities, incorporating 
them into a modern, state-of-the art complex that reflects our ambitious 
sustainability goals.
Its most striking feature is as beautiful as it is functional. A green roof offers 
natural sound insulation and temperature regulation while reducing carbon 
emissions, capturing rainfall and boosting biodiversity. The building itself 
is flooded with natural light and powered by renewable energy, including 
solar panels. Inside, 19 traditional and modular training rooms bring people 
together to learn. 
Jan Heyvaert
Chief Human Resources & 
Sustainability Officer
“When you start working at AG, you 
are not joining us for one job, but 
for an entire career. We strive to be 
a great place to grow for all.”
AG Campus
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2022 Sustainability Report

Celebrating our differences 
In a world that’s changing 
faster than ever before, it’s 
not enough simply to adapt. 
We want to lead by example, 
taking proactive steps to 
become a more diverse, 
inclusive and equitable 
workplace for all.
Diversity, equity and inclusion (DEI) is important to us 
at AG and we’re constantly on the lookout for ways to 
advance and improve our approach. In 2022, AG defined a 
DEI action plan with initiatives to increase inclusivity in 
every area of our company, from recruitment and promo-
tion processes to our day-to-day operations. 
A more diverse workforce is a better reflection of our 
customer base and the world we live in. It also gives us 
the opportunity to be the change we want to see in the 
world: a place where employees from all backgrounds feel 
welcome and encouraged to be themselves, and where 
everyone has an equal opportunity to learn and grow. 
With our action plan, and with other efforts such  
as participating in the exchange platform Ageas  
Inclusion Forum, we aim not only to create a more 
inclusive workplace, but to contribute towards a more 
inclusive society. 
Diversity, Equity & Inclusion
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2022 Sustainability Report

Gender: A balancing act 
Insurance a men’s business? 
Let’s have a look at AG, over 
half of our employees –  
54% – are women. 
And even if we know that there is still a long way to go, especially 
for certain positions of responsibility, the increase in the number of 
women in Senior Management - from 28% to 36% between 2021 
and 2022 - shows that we are on the right track. And we offer equal 
opportunities to both talented men and women.
In 2019, we joined other Belgian insurers and financial corporations in 
signing the Women in Finance Charter, a bold pledge to tackle gender 
diversity across all levels of our company. A dedicated women’s com-
munity on AG’s social network also offers our female employees a safe 
space to share their knowledge and experiences with one another.
Age: The 
value of 
experience 
More than 58,4% of our employees 
have more than 10 years’ experience 
and an average age of 42 years.
We developed an “experienced talent” 
programme to help and encourage all 
our staff to stay engaged and main-
tain a good worklife balance.
Fonction
Women
Men
Board of Directors
46%
54%
Management Committee
22%
78%
Senior Management
36%
64%
28%
36%
2021
2022 
Women in Senior Management
Diversity, Equity & Inclusion
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2022 Sustainability Report

A winning employer
How do we know that our strategies for making AG a better place 
to work, learn and grow are paying off? We have the numbers to 
prove it. 
AG earned the Top Employer label for the 11th year in a row, this time with 
our highest score ever. The award recognises international companies with 
excellent people practices, ones that have been determined to positively 
impact the lives of their employees. 
In this year’s edition of Randstad’s Employer Brand Research study, AG was 
once again named one of the most attractive insurers to work for in Belgium, 
as well as the 32nd most attractive company overall – a giant leap from 53nd 
place in 2021. 
Most meaningfully, we’re endorsed by our employees themselves. Every year, 
AG uses the Employee NPS metric to measure the extent to which workers 
would recommend us as a company. The benchmark for a top score is 58. In 
2022, ours was 60. 
Our achievements 
CERTIFICATE 
 of “TOP EMPLOYER”
AG insurance
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2022 Sustainability Report

How we built a better  
workplace in 2022 
Our achievements 
Working Smarter Together
A change process consisting of training courses, tips, 
inspiration sessions and challenges to support employees 
to find their way in the new (hybrid) way of working. 
Make yourself at home
Over the course of the year, we upgraded our employees’ 
home IT equipment. Now, they can have the same 
comfortable work experience at home as they do in the 
office. 
Reinventing the office
We moved forward with our project Reinvent Workplace, 
a complete redesign and overhaul of all of our offices to 
adapt them to the needs of today and tomorrow. This 
multi-year effort is slated for completion by 2026. 
Get on board
With our digital onboarding app, new hires are made to 
feel welcome at AG before they’ve even set foot in the 
office. Via the platform, they can find out more about our 
company and their department, and even connect with 
their future colleagues. 
People development: a two-way street
Our assessment project Talk2Grow uses a system of 
continuous feedback and feedforward to encourage 
employee development while helping managers become 
better coaches and motivators. In 2022, 300 colleagues 
participated in the pilot. In 2023, 1,200 colleagues 
jumped on board and the rest of the company will follow 
in 2024. 
Learning about learning
In 2022, AG also developed Learn2Grow, a scientifical-
ly-based survey of employee learning behaviour. The 
results help colleagues develop their own individually-tai-
lored learning strategies and give AG the insights we need 
to create thoughtful, relevant training initiatives. 
A new start
Unique in the financial sector, we launched AG College, a 
programme that grants an opportunity to people without 
a higher education degree. 20 participants on a new pro-
fessional adventure, receiving 6 months of training and 
coaching to become insurance officers. After successful 
completion, they’re offered an open-ended contract to 
continue working and developing further. 
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2022 Sustainability Report

Our achievements 
A day to remember
As we want all of our employees to share our green ambi-
tions, AG launched its first Sustainability Day in 2022, 
a full day of conferences and inspiring activities to raise 
awareness of AG’s sustainability goals. Over 800 col-
leagues and 17 internal and external speakers attended. 
Radio AG 
We set up a live broadcast where AG employees could 
reach out to each other at a time when most were still 
working from home. 
The Vibe 
Our well-being programme promotes team spirit with 
initiatives like sports challenges, workshops and inspira-
tional sessions.
Feeling good at work
Life can be hard, both inside and outside of the office. To 
boost employee well-being, we have in place an Employee 
Assistance Programme that gives all AG colleagues the 
chance to receive free and anonymous counselling from 
experts, be it mental health assistance, career coaching, 
financial or legal advice, or support after a traumatic event. 
In the wake of Covid-19, AG has… 
... tripled the number of days per week 
our staff members can work from home 
...significantly decreased our CO2 foot-
print due to a reduction in commuter 
traffic
...expanded our training to include 
physical, digital and hybrid options 
...started completely redesigned 
employee workspaces with a focus on 
interaction and connection
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2022 Sustainability Report

AG as a responsible company  
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2022 Sustainability Report

AG as a responsible company
9,924
tons of CO2 in 2022
100%
green mobility by 2026
60
associations
supported through our 
Solidarity programme
SUNSCREEN 
DISPENSERS
To prevent skin cancers and warn 
people against sun damages
880
solar panels on our offices  
Proud sponsor of the
AG INSURANCE - 
SOUDAL  
QUICK-STEP  
women cycling team
BEEHIVES
installed on our roof in Brussels  
3.5 
MILLION 
young people reached  
through our campaign  
against loneliness
Key Facts & Figures
60%
reduction in 
energy by 2027,  
thanks to the 
renovation 
of our offices
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2022 Sustainability Report

Our environmental impact 
Greener every day 
AG has been proudly carbon neutral since 2019. But for us, 
that milestone was just the beginning.
We’re aware of the responsibility a company like ours 
has to protect the planet, and our environmental policy 
reflects our steadfast commitment to the cause. We’re 
constantly seeking out new and innovative ways to reduce 
our environmental footprint, while engaging in certified 
climate projects to offset our remaining emissions.
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2022 Sustainability Report

Our initiatives
A circular campus 
Opened at the beginning of 2022, our new AG Campus was built to meet the 
highest standards in sustainable architecture and the circular economy. Its 
design incorporates reclaimed materials from our old building and includes 
eco-friendly features like green rooftops, heat pumps and rainwater harvest-
ing systems. 
Transformed offices 
2022 marked the start of the Reinvent Workplace project, an ambitious 
programme to make our office buildings a greener and more inspiring place to 
work. Together with other initiatives, the renovations are expected to decrease 
our energy consumption by almost 60% over the next four years. 
Less and more efficient energy
We’ve responded to government calls to reduce power consumption and will 
be going beyond the EU target of shaving 15% off energy consumption for 
the winter 2022-2023. We’ve turned down the temperature in our offices, 
and restricted heating times, closed some facilities on Fridays and performed 
regular energy audits to identify additional areas for reduction. The energy we 
do purchase comes from renewable sources, including 880 solar panels on 
our office buildings in Brussels, Antwerp and Charleroi. 
Conscious commuting 
We’ve implemented a green mobility policy that aims for 100% green com-
pany cars at AG by 2026. To help make that happen, we go towards electric 
vehicles and we’re installing charging stations at our offices and allow over 
90% of our staff to work from home up to 3 days a week. 
Eco-friendly electronics
We take a green approach to IT by extending the life cycle of laptops from 4 to 
5 years, recycling those that do need to be replaced, and regularly cleaning up 
data centres, servers and other storage systems. 
Slashing office waste
Our waste management policy includes solutions for both processing and 
preventing waste. We’re getting tough on plastic by providing our employees 
with free refillable drinking bottles and replacing our plastic coffee cups with 
PLA ones. And we organise regular awareness campaigns to help our interme-
diaries embrace digital technology to cut down on paper use.
Creating a buzz
As a participant in the “Made in Abeilles” project since 2019, we’re actively 
involved in bee conservation. Beehives on the roof of one of our corporate build-
ings in Brussels help protect biodiversity. We even harvest our own fresh honey.
Our environmental impact 
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2022 Sustainability Report

The facts on CO2
We can’t lower our carbon footprint without 
knowing what it is. So, since 2018, AG has 
enlisted the help of specialised consulting firm 
CO2logic to calculate its annual CO2 emissions. 
Here’s what we measure: 
All in all, our 2022 emissions amounted to 9,924 although 
higher than in 2020 and 2021 due to Covid-19, we 
realized a decrease of 9,5% compared to 2019. Though 
we’re now back in the office, the lessons we learned from 
Covid-19 and the targeted actions we’ve taken to reduce 
our footprint are already making a difference. We expect 
the numbers to keep going down in the years to come in 
line with our ambitions. 
2019
10,959
Expressed in tonnes
2020
5,912 
2021
7,075
2022 
9,924 
Our environmental impact 
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2022 Sustainability Report

Climate crisis affects people around the 
globe. To contribute to the worldwide fight 
against climate change, AG offsets its 
remaining CO2 emissions with investments 
in certified projects. For 2022 we choose a 
solar energy project in Vietnam. 
Offsetting C02
Scope 1: Direct emissions from 
sites and vehicles - 39%
Scope 2: Direct emissions from 
energy consumption - 1%
Scope 3: Indirect emissions from 
commuting, business travel, 
paper, plastic and waste - 60%
CO² emissions
per category
Mobility : 56%
Energy : 17%
IT : 23%
Paper : 0,8%
Waste : 0,6%
Refrigerants : 2%
CO2 emissions 
per scope
Our environmental impact 
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2022 Sustainability Report

Supporting Society 
Positively impacting people and 
communities around us
As a Belgian corporation, our 
responsibility isn’t only to 
the environment. It’s to the 
local communities around 
us. By engaging in initiatives 
from solidarity and goodwill 
to sponsoring and brand 
activation, AG is proud to 
promote a healthier and more 
equitable society in Belgium. 
A helping hand
Since our solidarity programme was launched in 1996, 
we’ve connected with 220 organisations that provide 
aid to underprivileged youth and contribute to the fight 
against poverty and social exclusion. Each year, we 
provide 60 such organisations with financial and material 
support. Since 2017, AG has also been supporting Goods 
to Give, a Belgium-based NGO that collects new non-food 
products from companies and redistributes them to 
those in need. 
A little less lonely
Studies show that more young people are feeling isolated 
than ever before, but few are willing to talk about it. AG 
is breaking the taboo with a new digital platform that 
makes it easier for anyone who’s lonely or depressed to 
reach out and get the help they need. “Together Against 
Loneliness” offers a free educational package for teach-
ers and students (published by Uitgeverij Averbode/ 
Editions Erasme) as well as information, tips and a test 
to assess your loneliness. We spread the word with an 
influencer campaign that reached over 3.5 million people, 
including almost 110,000 who took the test. 
Women on wheels
In 2022, AG became the title sponsor of women’s  
professional cycling team, AG Insurance – NXTG. With 
cutting-edge equipment, training facilities and staff, we 
identify, mentor and nurture budding talent, help them 
develop their potential and inspire the next generation 
to hop in the saddle. Our ambition? To be at the top of 
women’s cycling within the next few years.
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2022 Sustainability Report

Supporting Society 
Stopping cancer in its tracks
Beating cancer is a long-term fight and a cause we 
deeply care about. With our partners Fondation contre 
le cancer/Stichting tegen Kanker and Sundo, we help 
protect the public from exposure to skin cancer risk by 
handing out free sunscreen at music festivals, sports 
events and booths at the Belgian seaside. 
We also support Stop Colon Cancer in its fight against 
a form of cancer that impacts 1 out of 20 people in 
Belgium, and put our financial muscle behind organ-
isations such as the Belgian Cancer Foundation and 
Move4Cancer. 
Paralympic heroes
Since 2011, AG has been a proud supporter of Paralympic 
Team Belgium. We’re inspired by these athletes, their 
courage and resilience.
Getting Belgium moving
Exercise is one of the best things you can do for your 
physical and mental health. Our programme Move by AG 
encourages people in Belgium to choose regular exercise 
over a sedentary lifestyle. And as firm believers in the 
many social benefits of exercise and sports, we also 
sponsor major running and walking events like the AG 
Coastwalk.
50
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2022 Sustainability Report

Business with ethics & integrity
Ethical business behaviour  
through our Code of Conduct
As an insurer, we’re committed 
to serving our customers 
over the long term. If we want 
to remain resilient, we must 
conduct our business with 
integrity and respect for our 
environment and society.
Our dedication to ethical business behaviour 
is enshrined in our Code of Conduct, which 
aims to guarantee AG’s reputation as a reliable 
partner and helps us stay true to our essential 
values on a day-to-day basis. Its provisions 
include respecting the principles of human 
rights, the exclusion of child and forced labour, 
the explicit rejection of any type of discrimi-
nation, corruption or fraud, the obligation to 
contract only with trusted and reliable third 
parties, and a zero-tolerance approach to illegal 
and unacceptable practices. 
Our integrity is ensured through our consistent 
policy framework, which also includes  
subject-specific policies in departments such 
as Risk, Human Resources, Actuarial Function 
and Internal Audit. The global framework is 
monitored on a continuous basis, following a 
well-structured governance and role definition. 
We hold regular training sessions to ensure 
everyone in the company is aware of our  
principles and update our policies to reflect  
our ever-evolving sustainability ambitions  
and requirements. 
Code of conduct
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2022 Sustainability Report

Risk Management
As we strive to fulfil our objectives, 
we are constantly exposed to 
risks – whether internal or external, 
expected or unforeseen. 
Our risk management approach 
provides an integrated framework for 
managing risks, which supports our 
long-term stability and growth.  
It ensures that our strategic planning 
conforms to the risk appetite defined 
by the Board.   
Climate change creates risk, as do 
the actions associated with pre-
venting and mitigating it. Therefore, 
sustainability risk is an integral part 
of our risk management framework. 
In 2022, as in 2021, we performed 
a climate risk-related stress test, 
assessing the potential impacts of 
climate change on our investments 
and non-life insurance claims. We 
also take into account new business 
risks, such as the financial risks 
linked to the transition to a car-
bon-neutral economy, as well as the 
political and legal risks of inadequate 
climate legislation.   
Nathalie Vanderbecken
Chief Risk Officer
“Over the last 2 years, we have been a forerunner on the 
Belgian insurance market in assessing in our Own Risk 
And Solvency Assessment (ORSA report) the potential 
impacts of climate change on our business and in 
reflecting on how to handle these.”
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2022 Sustainability Report

Sustainability Governance
Sustainable Procurement
To realise our ambitious sustainability goals, we’ve 
created a dedicated sustainability office within AG. The 
team supports and coordinates all of AG’s individual 
departments in the effort to improve their impact on both 
the environment and society, gathering knowledge on 
sustainability and sharing the input internally.   
Within AG’s broader sustainability strategy, each depart-
ment in our company has its own targets and approach. 
All of our business supports – from human resources 
to IT, investments to facilities – embed sustainability 
in their projects. Together, we implement initiatives to 
reach our ambitions at corporate level. Our Sustainability 
Committee holds regular meetings and reports the 
results to the Management Committee and the Board, 
which validates the approach and monitors its imple-
mentation. We actively participate in sector discussions 
and initiatives regarding sustainability and engage in 
dialogue on sustainability issues with network groups, 
universities and high schools and peers from across the 
insurance industry and beyond.  
We apply the same environmental, social and governance stand-
ards to our suppliers as we do to ourselves. We want to make 
sure our suppliers share our vision of a more sustainable world. 
To that end, we’ve implemented a supplier Code of Conduct that 
clearly states our expectations related to concern for the envi-
ronment and human rights. Since 2022, we assess all potential 
new suppliers on ESG criteria, and ensure that all of our buyers 
receive training on sustainable procurement.   
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2022 Sustainability Report

Conclusion
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2022 Sustainability Report

Building a more sustainable world is not a given, it’s a 
journey. That’s why we strive to continuously go further in 
our approach. By measuring, establishing rules of good 
governance and embedding sustainable principles into 
our daily activities, and this throughout each department 
of AG. 
We can be proud of all the progress we made in 2022 
which you could read in this report. We added quite some 
products with a sustainable approach during the last year 
and will continue on this path. 
We took important decisions that will show impact in 
the years to come, like our Reinvent Workplace project 
that will enable us to reduce the energy consumption of 
our buildings by 60% by 2027, or our Diversity, Equity & 
Inclusion project that will make AG an even more inclusive 
workplace for every employee.
Conclusion
“It is everyone’s responsibility to act and 
be part of the positive actions today that 
will make the world a better place for the 
following generations.”
Nathalie Erdmanis
Director of Sustainability
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2022 Sustainability Report

Thank you

UNEP FI PSI 
Index
AG officially became a signatory to 
the United Nations Environment 
Programme Finance Initiative 
(UNEP FI) Principles for Sustainable 
Insurance (PSI) in 2021.  
This insurance industry initiative 
encourages an industry-wide 
commitment to ESG integration. 
As a PSI signatory, AG will disclose 
the progress made in embedding 
the principles into all aspects of its 
operations through its Sustainability 
Report on a yearly basis. The table 
below references the activities AG 
has undertaken to demonstrate its 
commitment to the PSI. 
As an insurer with an almost 200-year 
history, AG is very proud to support the 
UNEP-FI’s Principles for Sustainable 
Insurance. Being a business with such 
great societal relevance compels us to 
go above and beyond our obligations. 
It’s our duty to meet the needs of all 
our stakeholders not only in the present, 
but also in the future. Therefore, AG 
has formally integrated sustainability 
and long-term thinking in our company 
strategy and our day-to-day activities.
Heidi Delobelle
CEO
Appendix
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55
2022 Sustainability Report

Principle
Our activities
Reference
Principle 1
We will embed relevant environmental, social  
and governance issues in all of our decisions 
as an insurance business.
Sustainability integrated in strategy 
p. 11
Goals set for 2024 and beyond
p. 12
Sustainability governance in place
p. 51
Materiality assessment performed
p. 10
Yearly sustainability reporting 
p. 1-56
Sustainability integrated in policy framework
p.49-50
Responsible governance in place
p. 49
Stress test on sustainability risk executed
p. 50
Sustainability day for all employees organized
p. 40
Principle 2
We will work together with our clients and  
business partners to raise awareness of  
environmental, social and governance issues,  
manage risk and develop solutions.
Products with a positive impact actively promoted
p. 15-24
Platform to engage with brokers on sustainability 
p. 24
Responsible investment framework established
p. 27
Active engagement on investments 
p. 27
Sustainability-related memberships and ratings 
p. 13
Environmental footprint reduction initiatives
p. 44
Our sustainable procurement approach
p. 51 
Principle 3 
 We will work together with governments,  
regulators and other key stakeholders to promote widespread 
action across society on environmental, social and governance 
issues. 
Products with a positive impact actively promoted
p. 15-24
Active involvement in industry-wide initiatives
p. 13 
Connecting and learning from others
p. 51 
Supporting society and creating awareness
p. 47-48 
Principle 4
We will demonstrate accountability and transparency by regularly  
disclosing our progress in implementing the Principles to the public.
Annual disclosure through our sustainability report
p. 1-56
Regular updates on sustainability via our newsroom
https://newsroom.aginsurance.be/
Appendix
> Back to contentpage
56
2022 Sustainability Report