For the first time, Allianz published its Sustainability Report concurrently with the Group's Annual Report. Thus, the Report on the company's most important sustainability initiatives is not only being published much earlier than in previous years, but also now aligned with the general reporting on Allianz business. In addition, Allianz had its environmental data verified by an independent auditor (KPMG) for the first time. The Report not only fulfills the highest international reporting standards (GRI A+), but also meets the requirements of the German Sustainability Code. With this approach, we strive to be transparent in our sustainability performance to all stakeholders.

"The crises and changes that surround us pose a challenge", said Michael Diekmann, Chairman of the Board of Management of Allianz SE. "But they are also encouraging Allianz to transform itself. Our guiding compass for success here will be our focus on our clients and our attention to sustainability. These will enable us to detect the need for action, as well as opportunities, at an early stage."

Through its engagement in the environmental, social and governance field Allianz is contributing proactively to the kind of progress that brings genuine advances in society, as Allianz SE's CEO Michael Diekmann points out: "Sustainability is part of Allianz' DNA as an insurer. Our achievements have been recognized by the leading sustainability rating agencies. The real benchmark, however, lies in continuing to meet the changing needs of our customers. These needs, the way in which they change in response to the five global issues, and our business success form a triangle of sustainability to which we align our company and its management."

As part of its carbon reduction strategy, Allianz defined a new target for 2015: a further 10 percent reduction of its carbon footprint, taking the total reduction since 2006 to 35 percent.

Last year Allianz already began investing in carbon projects, the certificates from which will be used to offset remaining CO2 emissions, making itself 100 percent carbon-neutral from 2012. In Kenya, for example, Allianz invested in the world's first REDD (Reducing Emissions from Deforestation and Forest Degradation) project. In addition to protecting more than 200,000 hectares of forest from being cleared, this project will also preserve people's living environment and create jobs. In India, Allianz invested in a project that replaces incandescent light bulbs with energy-saving lamps in private households. The CO2 emissions saved by these two projects are profitably traded in the form of certificates, some of which will serve to offset the company's own emissions.

Allianz has also increased its direct investments in renewable energies. The portfolio now comprises 38 wind- and solar-power farms in Germany, France, and Italy, an investment of approximately 1.3 billion euros.

In addition to climate protection, Allianz is also addressing the challenge of demographic change as part of its sustainability agenda. In 2010, for the first time ever, more people in Europe retired from the workforce than entered it. In January 2012, in partnership with the German federal government, Allianz created the first Berlin Demography Forum. This is an international platform that supports universities, governments, business, and society as they search for alternative solutions to the challenges of demographic change.

On that note, we are preparing Allianz for the consequences of demographic change. Long-term succession planning as well as our diversity efforts play an important role here. In 2011, along with other DAX-30 companies, Allianz declared its intention to increase the share of female leaders in Germany. Specifically, Allianz set itself the goal of having 30 percent of management positions in Germany held by women by the end of 2015.

An important signal was sent in 2011 when the first woman was appointed to Allianz Board of Management.

The full statement of the Board of Management Chairman Michael Diekmann and additional information on Allianz' sustainability performance can be found online:

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