01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosure 04 Strengthening our foundation 05 Our universal principles 03.3 Targets Our support for the net-zero transition is steered by our commitment to set science-based emission reduction targets and reach net-zero emissions by 2050 in our business operations, our insurance underwriting and our proprietary investment portfolio in line with the Paris Agreement’s target of limiting global warming to 1.5°C. This already fulfills the recommendations 1 and 2 of the U.N. HLEG report on Net-Zero Commitment of Non-State Entities 1 and we will continue to advance our work on this. For emission- related targets, no offsetting credits were used. Climate-related targets Table TCFD-4 Targets and achievements: Climate Change Strategy Topic Objectives Progress and actions 2022 Phase out of coal-based business models • Fully phase out coal-based business models across our proprietary investments and Property & Casualty (P&C) portfolios by 2040 at the latest, in line with the 1.5°C pathway. • Engage with companies in proprietary investment as well as P&C portfolios to move away from coal. • Reduce threshold for coal-based business models for P&C insurance as well as investment portfolios from current 30% to 25% as of 31 December 2022. For further insights into our divestments, please refer to our Group Sustainability Report 2022, chapter 04. Transition away from oil and gas • Targeted restrictions for oil and gas project investments and single-site P&C insurance as of 1 January 2023. • Expectations to companies with largest oil and gas production to commit to net-zero GHG emissions by 2050 by 1 January 2025. Launch of oil and gas guideline. Net-Zero Asset Owner Alliance • Engage with policy-makers, regulators, sectors and companies. • Work across all dimensions of the Alliance commitment and Target-Setting Protocol • By 2023: Disclosure of quantitative joint NZAOA report. Together with our partners at the NZAOA, we achieved the following: • Grew to 82 members across three continents with > USD 11 tn AUM. • Published 2nd version of the Target- Setting Protocol. • Conducted engagements with policy- makers, regulators, energy agencies, sectors and companies. • Published a number of position papers and statements. • Published 2nd NZAOA progress report. Allianz Group Sustainability Report 2022 100 1 Source: Report from the United Nations’ High-Level Expert Group on the net zero emissions commitments of Non-State Entities.