SUSTAINABILITY programme

The VIG 25 sustainability programme was developed in a collaborative process with the VIG insurance companies as part of the VIG 25 strategy programme. The Group-wide programme aims to further strengthen sustainability as an integral part and foundation of the business model.

The Programme consists of five building blocks, which are described in more detail below.

Our sustainability definition 

For VIG, sustainability means creating economic value today without doing so at the expense of tomorrow. This definition, which is derived from the 1987 Brundtland Report “Our Common Future”, takes into account four components that ensure the Group’s long-term success:

  1. Economic component: VIG pursues a profitable business model that creates sustainable value for the Group’s stakeholders, thereby ensuring the Group’s continued economic existence.
  2. Governance component: Corporate governance that is responsible, transparent and geared towards long-term success is central to VIG. The Group is a dependable partner on the market and for the society.
  3. Social component: VIG wants to contribute towards a well-functioning community and a stable, economically resilient society in which all members can participate. VIG offers its customers a comprehensive range of insurance products and creates an attractive working environment for its employees.
  4. Environmental component: VIG takes into account the impact of its business activities on the environment and helps to reduce the negative effects of climate change so that it can continue to operate in a world worth living in for everyone in the future.

Our Ambition 

Various factors, such as the Group strategy, stakeholder expectations and regulatory developments in our markets, were taken into account to determine VIG's ambition in the area of sustainability. Based on this, the ambition of the VIG 25 Sustainability Program was developed together with the VIG insurance companies to define the direction of development for the coming years. In addition to environmental aspects, VIG also wants to make a positive contribution in the social area and act as a role model in its markets, in line with VIG's position as market leader.

 

THE SIX SPHERES OF IMAPCT OF THE SUSTAINABILITY PROGRAMME

The six spheres of impact under the VIG 25 sustainability programme set out the sustainability-related focus areas for the coming years. The three spheres of impact asset management, underwriting and operations focus primarily on environmental aspects, while the spheres employees, customers and society primarily address social aspects.

In order to achieve a measurable impact, each field of action is addressed on the basis of four dimensions.

  • The long-term objective represents the guiding principle for the respective spheres of impact and sets the direction for all activities in the respective area.
  • The quantifiable key performance indicators (KPIs) are used to assess and measure the status and progress in achieving the objectives.
  • (Interim) targets are formulated and, if necessary, forecasts of future developments (e.g. the development of CO2 emissions) are drawn up in order to concretize the objective. The targets can be qualitative or quantitative. The basis for this is the initial baseline determined for each spheres of impact.
  • The supporting levers define a general approach that contributes to achieving the goals and objectives. A lever usually leads to various specific activities and measures.

 

Asset Management 

How we invest today has an impact on our future. Responsible investments can make a contribution to the climate and energy transition and to overcoming social challenges. VIG is therefore pursuing the long-term goal of reducing greenhouse gas emissions from the investment portfolio to net zero by 2050. Social aspects such as respect for human rights are also incorporated in investment decisions.

 

Our levers 
  • Implementation of an engagement approach
  • Expansion of green investments
  • Exclusion criteria for the coal sector, unconventional oil and gas and in connection with the violation of human rights and the principles of the UN Global Compact

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our Sustainability management

VIG's sustainability governance is an important element in driving forward the VIG Group's sustainability agenda. The Group Sustainability Office, which was set up in 2023 in the Opportunity Management department of VIG Holding, actively coordinates Group-wide sustainability tasks. The Head of the Group Sustainability Office and Group Sustainability Officer reports directly to the Chairman of the Managing Board. As sustainability is seen as an integral part of the business model, overall responsibility lies with the Group’s Managing Board. A sustainability committee was also set up in the reporting year. This committee is composed of the Deputy Chaiman of the Managing Board, the CFRO, the COO and heads of department within VIG Holding – primarily from the six spheres of impact under the sustainability programme. It is an advisory committee that serves as a link between the operational levels of the Group and the Managing Board, which has overall responsibility. The Managing Board of VIG Holding in turn regularly informs the members of the Supervisory Board about key sustainability issues.

 

 

Contact us: We will be happy to answer your questions about sustainability.

Anchoring of the sustainability programme

One of VIG's four management principles is local entrepreneurship. This enables the VIG companies to respond to local challenges and opportunities at an operational level. This principle is also followed in the VIG 25 sustainability program and is reflected in the so-called "anchoring". This means that each company has the option to set its own focus as part of the Group-wide sustainability program. VIG Holding supports the companies with helpful tools and regular exchanges to help them implement local sustainability programs and achieve common objectives.