01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosure 04 Strengthening our foundation 05 Our universal principles 05.1.2 Objective and action tables Climate related targets continued Objectives and actions: climate change strategy Topic Objectives Progress and actions 2022 Reference Net-Zero Asset Owner Alliance Transitioning investment portfolios to net-zero GHG emissions by 2050 consistent with a maximum temperature rise of 1.5 °C above pre- industrial temperatures. • Allianz re-elected to Steering Group Chair role for another term of two years, which reflects the strength of our commitment and collaboration with member organizations. • Allianz co-led Monitoring, Reporting & Verification (MRV), Engagement, Policy and Communications work tracks within the alliance, together with other leading asset owners. • One of the key contributors to notable publications such as Target Setting Protocol 2nd edition, The Future of Investor Engagement, Position paper on Governmental Carbon Pricing, NZAOA’s 2nd annual progress report, Call to Policymakers to Support Scaling Blended Finance, Call to Action to Private Market Asset Managers, to name a few. For further insights into our work with the Net-Zero Asset Owner Alliance please refer to sections 01.5; 02.2.1; 03.2; 03.3. Also refer to our Non- Financial Statement, section Environmental matters, p. 63. Net-Zero Insurance Alliance Transitioning all operational and attributable GHG emissions from our insurance and reinsurance underwriting portfolios to net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels. • Allianz actively supported the creation of the first ever carbon accounting and reporting standard for the insurance industry. It was successfully launched in November 2022 in cooperation with PCAF (Partnership for Carbon Accounting Financials) and other leading insurance companies. • Allianz further contributed significantly to the first version of the NZIA Target Setting Protocol, expected to be launched in January 2023. First individual intermediate targets for 2030 are expected to be released in Q3 2023. For further insights into our work with the Net- Zero Insurance Alliance please refer to sections 01.5; 02.1; 03.2; 03.3. Also refer to our Non- Financial Statement, section Environmental matters, p. 63. Sustainable claims management Define approach and KPIs for sustainable claims management in retail P&C. • Allianz developed a practice guide for motor retail to support decarbonization of motor retail claims processes together with the biggest operating entities in the motor business. • Allianz defined a set of operational KPIs for motor retail claims which will be applied for internal steering purposes in 2023. For further insights into our sustainable claims management please refer to section 02.1. Also refer to our Non- Financial Statement, section Environmental matters, p. 63. Allianz Group Sustainability Report 2022 141