01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosure 04 Strengthening our foundation 05 Our universal principles 02.1 Sustainability in insurance 02.1.4 Sustainable solutions In 2022, we generated revenues totaling € 1,282.9 mn 1, 3 from 103 2, 4 Sustainable insurance solutions and from Insurance solutions with a sustainability component through our Sustainable Solutions program (2021: € 1,215.6 mn from 118 solutions) The primary role of the insurance sector is to absorb strong financial impacts that would otherwise overwhelm the capabilities of private and commercial clients. In doing so, we provide stability to societies and economies by ensuring businesses can be re-star ted quickly and people can re-build their homes following a catastrophe. Our ambition is to create the insurance solutions in a sustainable way, and in a way that enables customers to be more sustainable and have a p ositive impact on the environment and society. Allianz local entities and global lines work continuously to innovate and dev elop sustainable products and services for customers: • We are a partner in the transition to a low-carbon economy, delivering products and services with a positive environmental or climate-related impact. See section 01.5. • Our insurance and risk management solutions as well as our risk consulting advice enable individuals, companies and governments to implement renewable energy projects and manage climate- related risks. See section 02.1.2. Due to evolving r egulation – especially related to the EU Taxonomy, changing customer behavior and challenges r elated to the current approach – we initiated the development of an enhanced Allianz classification framework for sustainable insurance solutions in P&C including EU Taxonomy alignment criteria. As a result, our overall approach for assessing and classifying sustainable solutions was revised. The former sustainable solution definition and its application requirements will be replaced b y the new sustainable solutions framework as of 01 January 2023. This will enable reporting based on the new sustainable solutions framework as well for EU Taxonomy alignment for the financial year 2023. Prior to that, the legacy definition will still be applied for reporting purposes. We define our sustainable solutions as follows: Sustainable insurance solutions Sustainable insurance solutions are products and services that directly address environmental and/or social risks and opportunities. Examples include: • Insurance coverage for electric vehicles and development of batteries. Insurance solutions with a sustainability component The inclusion of sustainability components in standard products is becoming increasingly common. In 2018, we decided to differentiate standard insurance products with additional environmental and/or social benefits. Examples include: • Add-ons to standard home insurance products offering environmental- friendly upgrades. • Premium insurance discount for electric vehicles. 1 Our current data collection process does not allow for a complete tracking of revenue data. Revenues are included subject to data availability. 2 Our current data collection process does not allow for a complete tracking of the number of sustainable solutions. Number of solutions data is included subject to data availability. 3 Sustainable solutions for Life products ar e excluded since this year, due to evolving regulation. Prior year figures have been restated accordingly. 4 Sustainable solutions for Life and Asset Management are excluded due to evolving regulation. Prior year figures have been restated accordingly. Allianz Group Sustainability Report 2022 34