Corporate responsibility as an integral part of Group strategy

As a global reinsurance group, we make it a matter of principle to include in our business model forward-looking and responsible action throughout our organisation. This self-evident approach has so far been anchored in our guiding principles for corporate responsibility. Now, as part of a major strategic refocus, Munich Re has further developed these guiding principles. The result of this process is the new guiding concept and mission, which now make it even clearer that corporate responsibility is an integral part of Group strategy and permeates all business areas and processes.

In its mission statement, Munich Re has defined the Group-wide principle of turning risk into value. To achieve this, we strive for sustained profitable growth and acknowledge our responsibility and obligation to society as a whole.

More clearly defined mission

Munich Re's clearly defined corporate responsibility mission reflects its commitment to CR. By further developing its principles, Munich Re's CR approach has been made even clearer and forms the basis of the strategy with three main focal areas. A suitable governance structure that ensures the principles are firmly established throughout the Group is still being developed.

Our new mission defines corporate responsibility as an integral part of our Group strategy, which permeates all business areas and processes. The three focal areas illustrate this corporate identity: We increasingly integrate ecological, social and governance factors (so-called ESG factors) in our core business and investments. In order to minimise the impact we have on the environment, we pursue a Group-wide environmental management system and are gradually making our business operations carbon neutral. Thirdly, on the basis of the our corporate citizenship concept, we are committed to serving the communities in which we work and operate.

Group objectives in focus

On this basis, our new mission should make a vital contribution to the profitable growth of Munich Re (Group). By consistently integrating corporate responsibility in the Group strategy, we are seeking to:

• further enhance Munich Re's reputation and image with all stakeholders,
• identify business risks and opportunities as quickly as possible,
• bring our expertise to bear on the decision-making processes for global risks,
• and finally increase the value of Munich Re's shares.

Standards for our actions

Beyond our ethically and legally impeccable actions, we reiterate our commitment to corporate responsibility by following international guidelines. First and foremost among these is the UN Global Compact, which we joined in 2007. Its ten principles provide the fundamental framework for our corporate responsibility. In April 2006, Munich Re also became the first German company to sign the United Nations Principles for Responsible Investment (PRI), which we played a key role in helping to establish. We are also involved in developing the Principles for Sustainable Insurance (PSI), a global initiative of the United Nations Environment Programme for greater inclusion of sustainability criteria in insurance business.