Unlimited potential The economic losses of catastrophes and severe weather are almost always higher than insured losses. This makes the scope for Global Partnerships’ solutions practically limitless. To stimulate further action we reached out to the United Nations community directly this year. Swiss Re has promised to advise 50 sovereign and sub-sovereign entities on climate risk resilience and to offer USD 10 billion of protection by 2020.
actionS and pRogReSS in 2014 ̤ Strong performances across the group support return on equity of 10.5% and earnings per share of uSd 10.23.
Offering fresh perspectives We are reaching out to peers and policymakers to show how re/insurers can better meet the challenge of low interest rates while supporting economic growth by investing in infrastructure.
̤ successful organic growth across all regions, with the highest growth in europe and Latin America.
̤ 50% p&C Reinsurance ̤ 36% L&h Reinsurance ̤ 11% Corporate solutions ̤ 3% Admin Re®
We all have read a lot about alternative capital forcing its way into reinsurance and trying to substitute for traditional reinsurance. I do not think that Swiss Re is particularly vulnerable to such market forces and that the market available to us remains as large as it ever was. It is our strategy to maintain a global footprint and to do business virtually in all countries open to us, to maintain long-standing relationships with our thousands of clients, to diversify the distribution channels and not be dependent on a small number of intermediaries. We want to differentiate our offering to clients by adding value through sharing expert knowledge and our high credit quality.
Market size in USD billions Estimated global premium income in 2014
Outlook Premium income levels will continue to grow in 2015, in both the advanced and emerging markets. However, with slow economic growth, low interest rates, volatile financial markets and regulatory changes, the medium-term outlook will likely remain challenging. Rating agencies have downgraded many insurers in the troubled Southern Eurozone countries and changed the outlook to negative for a number of European, US and Canadian companies as well.
ACTIONS AND PROGRESS IN 2014 ̤ Strong performances across the Group
Corporate Solutions delivered net income of USD 319 million in 2014, compared to USD 279 million in 2013, reflecting continued profitable growth across most lines of business.
Central banks have done an extraordinarily good job in stabilising financial markets, restoring economic confidence and fighting the threat of deflation. Yet six years after the financial crisis, interest rates are still at historically low levels. While the fear of systemic financial market failures has receded, concerns about low economic growth or even contraction remain.
Are low interest rates helping to overcome this global economic malaise? And what is the impact on savers?
Investments for unit-linked and with-profit business 27 215 25 325 –7
Income before income tax expense 4 825 4 227 –12 Income tax expense –312 –658 111 Net income before attribution of non-controlling interests 4 513 3 569 –21
Combined ratio Property & Casualty Reinsurance reported a strong combined ratio of
Premiums earned by line of business, 2013 48% Property 37% Casualty 15% Specialty
Operating income The Life segment reported an operating loss of USD 66 million compared to a profit of USD 430 million in 2013. The loss was mainly due to management actions described above, partly offset by more favourable mortality experience in the US and Canada and strong growth in Asia.
Admin Re® reported net income of USD 34 million in 2014 compared with USD 423 million in 2013. The 2014 result includes a USD 203 million loss from the sale of Aurora. Excluding this loss, net income was USD 237 million. Net income in 2014 benefited from realised gains, income recognised from the HSBC transaction and lower finance costs following the establishment of an external credit facility in April 2014. The 2013 result included higher realised gains following the re-balancing of the investment portfolio and favourable investment market movements in the UK.
Share trading The average on-exchange daily trading volume for 2014 was 1.2 million shares. Trading volume peaked at 4.1 million shares on 12 March 2014.
On 10 December 2013, Moody’s upgraded Swiss Re’s insurance financial strength rating to Aa3. The outlook on the rating is “stable”. This upgrade reflects Swiss Re Group’s improved financial profile, notably with respect to profitability and financial flexibility, while maintaining an overall excellent market position and strong business diversification.
Moody’s Aa3 Stable 10 December 2013 Standard & Poor’s AA– Stable 28 November 2014 A.M. Best A+ Stable 6 November 2014
̤ 4% Developed market supranational, agencies and municipal bonds 41% Cash and short-term investments 33% Government bonds AAA rated & US and reverse repos 23% Other developed market government bonds investment grade 3% Developed market supranational, agencies and municipal bonds
̤ Risk identification — ensures that all risks to which Swiss Re is exposed are transparent in order to make them more controllable and manageable.
Risk ownership and accountability In order to ensure clear control, accountability and independent monitoring for all risks, our risk governance distinguishes between three fundamental roles in the delegation of risk taking: ̤ Risk owner — establishes a strategy, assumes responsibility for achieving the objectives and maintains ultimate responsibility for the outcomes.
We complement our risk models by ensuring a sound understanding of the underlying risks and applying robust internal controls.
Authorised capital As of 31 December 2014, the authorised capital of Swiss Re Ltd was as presented in the table below.
Career After two years with Kunz Consulting AG, Renato Fassbind joined F. Hoffmann-La Roche AG in 1984, becoming Head of Internal Audit in 1988. From 1986 to 1987, he worked as a public accountant with Peat Marwick in New Jersey, USA. In 1990, he joined ABB Ltd as Head of Corporate Staff Audit and, from 1997 to 2002, was Chief Financial Officer and member of the Group Executive Committee. In 2002, he joined Diethelm Keller Holding Ltd as Group Chief Executive Officer. From 2004 to 2010, he was Chief Financial Officer and member of the Executive Board of Credit Suisse Group AG. Renato Fassbind was elected to Swiss Re’s Board of Directors in 2011. He became Vice Chairman in April 2012 and Lead Independent Director in April 2014. He chairs the Audit Committee and is a member of the Chairman’s and Governance Committee and the Compensation Committee.
Changes in 2014 At the Annual General Meeting on 11 April 2014, Susan L. Wagner was elected as a new non-executive and independent member of the Board of Directors for a one-year term of office. At the same time, the shareholders re-elected Walter B. Kielholz, Raymund Breu, Mathis Cabiallavetta, Raymond K.F. Ch’ien, Renato Fassbind, Mary Francis, Rajna Gibson Brandon, C. Robert Henrikson, Hans Ulrich Maerki, Carlos E. Represas and Jean-Pierre Roth for a one-year term of office as members of the Board of Directors. Jakob Baer, John R. Coomber and Malcolm D. Knight did not stand for re-election.
Philip K. Ryan held various positions with Credit Suisse from 1985 to 2008, including Chairman of the Financial Institutions Group (UK), Chief Financial Officer of Credit Suisse Group (Switzerland), Chief Financial Officer of Credit Suisse Asset Management (UK) and Managing Director of CSFB Financial Institutions Group (USA/UK). He was Chief Financial Officer of the Power Corporation of Canada from January 2008 until May 2012. In that capacity, he was a director of IGM Financial Inc., Great-West Lifeco Inc., and several of their subsidiaries, including Putnam Investments. Philip K. Ryan is Chairman of Swiss Re America Holding Corporation, the holding company for Swiss Re’s US reinsurance operations. He earned an MBA from the Kelly School of Business, Indiana University, USA, and a Bachelor of Industrial Engineering from the University of Illinois, USA.
(until 11 April 2014, as Chair) ̤ John R. Coomber (until 11 April 2014) ̤ Malcolm D. Knight
̤ Ensures appropriate succession planning at Board of Directors and Group EC level
transactions and proposes important strategic transactions to the Board of Directors for discussion and decision
President Asia Patrick Raaflaub Swiss, Italian 49 Group Chief Risk Officer J. Eric Smith American 57 CEO Reinsurance Americas/Regional
Professional experience Thomas Wellauer started his career with McKinsey & Company, specialising in the financial services and pharmaceutical industry sectors, and became a Partner in 1991 and Senior Partner in 1996. In 1997, he was named Chief Executive Officer of the Winterthur Insurance Group, which was later acquired by Credit Suisse. At Credit Suisse he was a member of the Group Executive Board, initially responsible for the group’s insurance business before becoming Chief Executive Officer of the Financial Services division in 2000. From 2003 to 2006, he headed the global turnaround project at Clariant. In 2007, he joined Novartis as Head of Corporate Affairs and became member of the Executive Committee of Novartis. From April 2009 until September 2010, he was a member of the Supervisory Board of Munich Re. Thomas joined Swiss Re in October 2010 as Group Chief Operating Officer and member of the Group Executive Committee.
Qualifications At least once a year, the external auditor submits a report to the Audit Committee describing the external auditor’s own quality control procedures, including any material issues raised by its most recent internal reviews or inquiries or investigations by governmental or professional authorities within the preceding five years, as well as any steps taken to deal with any such issues.
News release, media conference call 5 June Swiss Re publishes its 2013 Corporate Responsibility Report and updates its Sustainability Risk Framework
We take actions that create environmental and social benefits and at the same time have a tangible link to our financial performance.
The impact of climate change On average, both economic losses and insured losses caused by natural catastrophes have increased steadily over the past 20 years. Economic development, population growth, urbanisation and a higher concentration of assets in exposed areas have been the main drivers for the rise in losses.
Identifying risks with a protection gap In many parts of the world, re/insurance protection against key risks remains limited. For example, natural catastrophes such as windstorms, earthquakes and floods tend to have huge social and financial impacts. Yet the global gap between total and insured natural catastrophe losses is still massive (see illustration to the right). Agriculture is another case in point, especially in emerging and developing countries. All too often, farmers there face the devastating effects of adverse weather without insurance protection. What’s more, both natural catastrophe and agricultural risks are expected to increase and become more unpredictable as a result of climate change.
Sometimes, business transactions that create economic value and are perfectly fine from a legal perspective may also have negative impacts on the environment or certain vulnerable groups. Such transactions may also damage our brand and/or reputation.
An inclusive corporate culture is a prerequisite for a diverse workforce and the diversity of thought, opinion and experience this helps create. In essence, inclusion is about respecting the uniqueness of every individual and about providing an atmosphere in which everyone feels valued and empowered to perform at a consistently high level. It is thus motivating for our employees, helps attract fresh talent and is good for bottom-line results.
Leadership”. We have developed Inclusive Leader Principles that describe exactly what behaviours we expect of our leaders and managers in order to foster an inclusive work environment for all employees. These principles are firmly embedded in our Leadership Imperatives — our behavioural framework for leaders that supports our strategy, values and brand attributes — and our leadership development curriculum. To make these principles tangible for all our employees, we have recently embedded the Leadership Imperatives, and Personal Imperatives for sole contributors, in our performance management framework.
Swiss Re is committed to a compensation system that is balanced and performance-oriented, and that aligns the interests of employees and shareholders.
̤ Compensation framework ̤ Compensation governance ̤ Compensation decisions in 2014
F o rf e it u re c o n d it io n s
The key objectives of Swiss Re’s benefits packages are to: ̤ provide a proper degree of security for
Directors also propose an individual award for the Group CEO within this overall pool. The VAI is not funded as a separate pool, and the API pool will include amounts paid in immediate cash as well as the amounts to be deferred into the VAI.
Global Share Participation Plan Swiss Re offers its employees an opportunity to directly participate in the long-term success of the company by purchasing Swiss Re Ltd shares (up to a maximum of CHF 7 000 per year), through the GSPP. The company provides a 30% match on the number of shares held by employees at the end of the three-year holding period. The match is subject to forfeiture rules in case of termination of employment before the end of the plan cycle. The GSPP has the same core design in all locations.
Management ̤ The Group CEO, Group Chief Operating Officer and Chief Human Resources Officer are normally invited to attend Compensation Committee meetings
̤ Niederer Kraft & Frey AG – provides legal advice, mainly about specific aspects of compliance and disclosure matters
̤ the agreements with members of the Board of Directors and the Group EC, external mandates, credits and loans (Arts. 25 to 27).
Compensation Committee activities The Compensation Committee has an annual agenda to ensure that important reviews take place at the appropriate times throughout the year. The Compensation Committee also conducts periodic self-assessments to ensure its continued high level of effectiveness and commits time to executive sessions. It held six meetings during 2014 and provided an update to the Board of
Fixed compensation Base salaries 140 55 141 57 Pensions, social security
Total fixed and variable compensation4 45 902 42 612 Compensation due to members leaving5 1 Consisting of housing, schooling, lump sum expenses, child and similar allowances. 2 For 2014, subject to shareholders approval at the AGM 2015. 3 Disclosure reflects all awards for a reporting year, ie the 2013 value reflects the fair value of LPP granted in April
Other payments to members of the Group EC During 2014, no payments (or waivers of claims) other than those set out in the “Compensation decision” tables were made to current members of the Group EC or persons closely related.
Opinion In our opinion, the Compensation Report included in the Financial Report 2014 of Swiss Re Ltd for the year ended 31 December 2014 complies with Swiss law and articles 14 to 16 of the Ordinance.
Note 6 Deferred acquisition costs (DAC) and acquired present value of future profits (PVFB) 182
Net income before attribution of non-controlling interests 4 513 3 569 Other comprehensive income, net of tax: Change in unrealised gains/losses –2 785 3 796 Change in other-than-temporary impairment 22 3 Change in foreign currency translation –288 –778 Change in adjustment for pension benefits 419 –291
Acquired present value of future profits 6 3 537 3 297
Total liabilities and equity 213 520 204 461 1 Please refer to Note 12 “Earnings per share“ for details on the number of shares authorised and issued.
Cash flows from financing activities Issuance/repayment of long-term debt 40 1 438 Issuance/repayment of short-term debt –1 593 –2 584 Purchase/sale of treasury shares –227 –197 Dividends paid to shareholders –2 760 –3 129 Net cash provided/used by financing activities –4 540 –4 472
For debt securities AFS that are other-than-temporary impaired and there is not an intention to sell, the impairment is separated into (i) the estimated amount relating to credit loss, and (ii) the amount relating to all other factors. The estimated credit loss amount is recognised in earnings, with the remainder of the loss amount recognised in other comprehensive income. In cases where there is an intention or requirement to sell, the accounting of the other-than-temporary impairment is the same as for equity securities AFS described above.
The Group recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs.
Unpaid claims and claim adjustment expenses Liabilities for unpaid claims and claim adjustment expenses for property and casualty and life and health insurance and reinsurance contracts are accrued when insured events occur and are based on the estimated ultimate cost of settling the claims, using reports and individual case estimates received from ceding companies. A provision is also included for claims incurred but not reported, which is developed on the basis of past experience adjusted for current trends and other factors that modify past experience. The establishment of the appropriate level of reserves is an inherently uncertain process involving estimates and judgments made by management, and therefore there can be no assurance that ultimate claims and claim adjustment expenses will not exceed the loss reserves currently established. These estimates are regularly reviewed, and adjustments for differences between estimates and actual payments for claims and for changes in estimates are reflected in income in the period in which the estimates are changed or payments are made.
Liabilities Unpaid claims and claim adjustment expenses 45 578 9 869 11 549 1 205 15 –6 732 61 484 Liabilities for life and health policy benefits 17 392 232 18 415 –6 36 033
Expenses Claims and claim adjustment expenses –3 342 –3 563 –979 –7 884 Acquisition costs –883 –1 408 –470 –2 761 Other expenses –796 –520 –225 –1 541 Total expenses before interest expenses –5 021 –5 491 –1 674 –12 186
Retrocession to external parties –206 –1 243 –145 –42 –1 636
Realised gains and losses Realised gains and losses for fixed income, equity securities and other investments (excluding unit-linked and with-profit business) were as follows: USD millions 2013 2014
Due in one year or less 3 308 3 305 4 749 4 757 Due after one year through five years 19 308 19 697 17 920 18 459 Due after five years through ten years 14 243 14 522 17 300 18 329
The fair values of assets are adjusted to incorporate the counterparty risk of non-performance. Similarly, the fair values of liabilities reflect the risk of non-performance of the Group, captured by the Group’s credit spread. These valuation adjustments from assets and liabilities measured at fair value using significant unobservable inputs are recognised in net realised gains and losses. For 2014, these adjustments were not material. Whenever the underlying assets or liabilities are reported in a specific business segment, the valuation adjustment is allocated accordingly. Valuation adjustments not attributable to any business segment are reported in Group items.
Short-term investments held for proprietary investment purposes2 6 407 7 720 14 127 Short-term investments backing unit-linked and with-profit business2 20 20
Interest rate contracts –5 –2 113 –2 118 Foreign exchange contracts –407 –407 Derivative equity contracts –8 –564 –130 –702 Credit contracts –1 –11 –12 Other contracts –22 –616 –638
–125 –22 Discounted Cash Flow Model Lapse 3%–10% Mortality adjustment 80% (n.a.)
Effect of dilutive securities Change in income available to common shares due to contingent capital instruments1 69 69 Change in average number of shares due to contingent capital instruments 35 745 192 35 745 192 Change in average number of shares due to employee options 1 094 715 2 198 904
Deferred tax assets Income accrued/deferred 503 291 Technical provisions 762 620 Pension provisions 206 289 Benefit on loss carryforwards 3 648 3 980 Currency translation adjustments 540 412 Unrealized gains in income 181 422
Effect of settlement, curtailment and termination 1 1 Net periodic benefit cost 146 13 1 160 2014 USD millions Swiss plan Foreign plans Other benefits Total
Expected return on assets –112 –111 –223 Amortisation of: Net gain/loss 43 24 –12 55 Prior service cost –5 –3 –11 –19
Effect of settlement, curtailment and termination 1 –2 –1 Net periodic benefit cost 103 14 –6 111
Plan asset allocation by asset category The actual asset allocation by major asset category for defined benefit pension plans as of the respective measurement dates in 2013 and 2014 was as follows: Actual asset allocation is determined by a variety of current economic and market conditions and considers specific asset class risks.
A summary of the movements in shares relating to outstanding awards granted under the restricted share plans for the year ended 31 December 2014 is as follows: Weighted average exercise price in CHF
Outstanding as of 31 December 0 1 Refers to the number of units before the application of the payout factor.
From 2013 onwards, the Employee Participation Plan was discontinued and no more options were issued. In 2013 and 2014, the Group contributed USD 34 million and USD 12 million, respectively, to the outstanding plans.
The central departments also oversee Group liquidity and capital adequacy and maintain the Group frameworks for controlling these risks throughout Swiss Re.
Cash dividends from subsidiaries and affiliated companies 2 641 3 964 Dividends in-kind from subsidiaries and affiliated companies 805 – Realised gains on sale of investments 61 1 Income from short-term investments 0 0 Income from loans to subsidiaries and affiliated companies 13 9 Investment management income 1 0 Other interest revenues 0 0
The following unvested restricted shares were held by members of the Group EC as of 31 December: For the years ended 31 December 2013 and 2014, the members of the Board of Directors did not hold any restricted shares.
The Board of Directors proposes to the Annual General Meeting to be held in Zurich on 21 April 2015 to approve the following allocations and dividend payments: Dividends If the Board of Directors’ proposal for allocations and dividend payments is accepted, a regular dividend of CHF 4.25 per share and an additional special dividend of CHF 3.00 per share will be paid on 27 April 2015 from other reserves after prior reclassification of legal reserves from capital contributions.
Share structure per 31 December 2014 Number of registered shares Nominal capital in CHF
Risks relating to credit rating downgrades Ratings are an important factor in establishing the competitive position of reinsurance companies, and market conditions could increase the risk of downgrade. Third-party rating agencies assess and rate the financial strength of reinsurers and insurers. These ratings are intended to measure a company’s ability to repay its obligations and are based upon criteria established by the rating agencies.
To determine these material issues, we continuously harness the deep understanding of re/insurance markets and the risk expertise that are embedded in our company. In many areas of our business, we have special teams, functions and processes to identify and address issues relevant to sustainable development. Using this embedded know-how means that we employ a decentralised approach to identify material issues.
Creating solutions for sustainability Our re/insurance solutions help to address key environmental and social challenges. We focus on natural catastrophes and climate change, food security, renewable energy, funding longer lives, and insurance cover in emerging and developing countries.
Despite their idyllic setting, the Pacific Islands are highly vulnerable to natural catastrophes. We have helped to set up a pilot programme that gives six governments in the region quick access to emergency and reconstruction funds in the event of a disaster.
Our knowledge of political risks is also highly relevant for ensuring sustainable business operations in line with environmental, social and governance (ESG) principles: Several of the sectors and issues covered by the eight policies of our Sustainability Risk Framework (see pages 22–27) have a significant political dimension. Implementing these policies, both through SBR assessments and exclusion policies, thus requires a clear understanding of political risks. This is particularly true with regard to human rights violations, the proliferation of armaments into conflict areas or the identification of areas prone to civil unrest.
Regulatory risks represent the potential impact of changes in the regulatory and supervisory regimes of the countries in which we operate. In 2014, the global regulatory agenda continued to accelerate. Governments and regulators rolled out new policies and conducted numerous consultations and field tests on regulations with a direct impact on the re/insurance sector. Many reform proposals reflect the financial supervision agenda set by the G20, which includes a focus on internationally active re/insurance groups and global systemically important re/insurers.
This complex landscape gives rise to “emerging risks”: newly developing or changing risks that are difficult to quantify and whose potential impact on our business is not yet sufficiently taken into account.
We work closely with the managers to ensure they consider ESG aspects in their investment processes. Before external managers are appointed, Swiss Re performs thorough due diligence to confirm their compliance with our responsible investment principles. This includes ESG considerations in investment decisions and monitoring, as well as a review of the managers’ commitment to responsible investment. After being mandated, the managers’ individual performances are monitored in line with our Responsible Investment Policy, and they are required to report regularly on their responsible investment activities.
Natural catastrophes and man-made disasters in 2013: large losses from floods and hail; Haiyan hits the Philippines 01 Executive summary global overview 07 Regional overview 15 Fostering climate change resilience 25 Tables for reporting year 2013 45 Terms and selection criteria
After meeting our initial reduction target well ahead of time, we gradually raised it to 45% per employee. By the end of the programme’s first commitment cycle in 2013, we had achieved a total reduction in CO₂ emissions per employee of 49.3% compared to the base year 2003. (Please note that we have had to correct the previously stated figure of 56.5%, because a reporting error concerning business travel in 2013 led to a substantial underestimation of total CO2 emissions per employee that year.)
Goals of the Greenhouse Neutral Programme – Phase 2: ̤ Maintain emissions reductions we achieved over the last ten years regarding power consumption, heating and business travel; ̤ Reduce energy intensity (power consumption and heating) by 2% per year (kWh/FTE); ̤ Fully offset the remaining emissions from the three former and four new sources.
We also have guidelines in place to ensure that we use copy paper of a high ecological quality. Through our Group Sourcing Policy and our “minimum standard for copy paper”, we set clear environmental requirements for the type of paper we purchase (see page 50). In 2014, the share of recycled paper remained stable at 70%, while that of FSC-labelled paper fell slightly, from 96% to 94%.
We consider environmental criteria relating to materials and ingredients, production methods, recycling and waste. For some sourcing categories, we have developed “minimum standards” that further specify our requirements: besides power (see page 46) and paper (see page 48), these cover office supplies, cleaning services and agents, furniture and building materials. Each standard lists objectives, ecological aspects, ecological minimum standards, exceptions, controlling and labels.
Swiss Re’s mission is to be the leading player in the re/insurance industry. We want to be the preferred partner for our clients – earning their long-term trust and confidence, and delivering a service unmatched elsewhere in the market.
Through the Swiss Re Alumni Network, we offer our former employees the opportunity to continue sharing their knowledge and experience and to keep in contact with colleagues. Currently, there are more than 3 200 active members.
Swiss Re is committed to a compensation system that is balanced and performance-oriented, and which aligns the interests of both shareholders and employees. Our compensation framework is designed to attract, motivate and retain the qualified talent the Group needs to succeed, while creating a tangible link between performance and pay. The aim is to provide compensation that is competitive in local labour markets, while ensuring that employees focus on delivering outstanding results considering our business strategy, targets, risk awareness and corporate values.
In addition, the COyou2 Programme continues to offer our employees the opportunity to claim subsidies from the company for a range of emissionscutting investments they want to make in their private lives.
Swiss Re’s commitment to sustainability Our commitment to sustainability is fully integrated in the Code’s section on business ethics. It provides a guiding principle for our efforts to act as a responsible company.
Uninsured lossesInsured losses 10-year average insured losses 10-year average total economic losses
A History of Insurance Since the time of our foundation in 1863, the world has changed a lot. And insu rance has been an instrumental part of this change. We all know that without risk protection, no skyscraper could be built, no products marketed, no goods shipped.
Understanding the Drivers of Longevity (Risk Dialogue Series) Over the past 150 years, life expectancy among the world’s population has increased by more than 30 years. How has this happened? Why do we live longer? Can the current trend continue and, if so, to what extent? This publication provides a broad overview of current research on the mechanisms and drivers of longevity.
Clinton Global Initiative Established in 2005 by former US President Bill Clinton, the Clinton Global Initiative (CGI) convenes global leaders to devise and implement innovative solutions to some of the world’s most pressing challenges. www.clintonglobalinitiative.org
Swiss Re and the PSI We are keen to support the spread of sustainable business practices in the re/insurance industry. Not only are we one of the original signatories to the Principles of Sustainable Insurance, we have played an active role in their development and have provided its co-chair since 2012.
EN18 Initiatives to reduce greenhouse gas emissions 7, 8 and 9 44–47, 51 EN22 Total weight of waste 8 45 EN29 Environmental impact of transport 8 45–47