Our Responsible Investment Guideline (RIG):
The RIG is applicable to Munich Re, including its reinsurance and primary Insurance branches worldwide. It applies to the complete investment portfolio, no matter whether managed by MEAG, any other third party or the company itself. The RIG includes following regulations:
 […] The majority of the investments in shares, corporate, government or covered bonds, real estate and alternative investments should be invested in assets that are members in one of the established sustainability indices or meet other accepted sustainability criteria[BE-M1] . […][DH-M-e2]
[BE-M3]  Munich Re does not invest in companies that produce, trade in or transport banned weapons if such production, trade or transport is material for the respective company. […]
 Trading and holding investments in food-related commodities (e. g. grains and oilseeds, livestock, dairy, etc.) and related derivatives is not allowed. […]
 The Group Corporate Responsibility Committee (GCRC) evaluates and prioritises sensitive issues for Munich Re (Group). There are position papers in place for the following sensitive issues:
oil sands, fracking and mining. All these position papers include specific questionnaires regarding ESG aspects. For arctic drilling there is a position paper and guideline in place. Insurance risks related to arctic drilling are to be referred to an expert team, the Arctic Drilling Panel, for assessment […]
 The position paper and guideline on investment in farmland are to be taken into account as part of the due diligence on investment decisions in relation to farmland. This applies both to investments in funds and to direct investments for the purpose of leasing and/or farming.
 Investment in equity shares of companies which generate 50% or more of their entire revenue from coal mining and energy production based on coal is not permitted.
 Investments into government bonds and bonds of government-related institutions of countries assessed in a certain category according to Sustainalytics Country Risk Monitor are not permitted.
Beside an overall ESG approach covering insurance and investment activities, we focus on screening (external ESG ratings) and Group-wide exclusion policies( banned weapons, soft commodities) complemented by formalized guidelines (internal topic papers on sensitive issues see below).
We display on our CR Portal our approach:
Our sustainable investment criteria in the different asset classes:
- Equities and corporate bonds: We base our investments on the analyses and classifications of external research providers in the field of sustainability. Munich Re invests in equities and corporate bonds featured in sustainability indices, such as the Dow Jones Sustainability World Group Index, the FTSE4Good Index Series and the Ethibel Sustainability Index (ESI).
- Government bonds: We also assess government bonds in terms of sustainability. As the starting point for this process, we take the internal Munich Re (Group) sustainability country rating, which is based on the Country Risk Monitor of the Sustainalytics rating agency. In cases where countries fail to satisfy our criteria, MEAG refrains from investing in their government bonds or the bonds of quasi-governmental organisations.
- All other bodies issuing interest-bearing securities, such as state-owned companies, public and private financial institutions, or issuers of covered bonds, are assessed as well. We use the ratings of independent providers of ESG analyses, for example oekom research, for this purpose.
- Real estate: Sustainability is also important for us when it comes to real estate. We have defined sustainability criteria (for example, for energy efficiency and construction materials) which we apply on the purchase, construction or renovation of properties.
- Infrastructure/renewable energies: As investments in renewable energies or infrastructure may extend over very long periods, we carefully examine all risks associated with these investments. For this investment class, we have also defined specific ecological, social and governance aspects (ESG criteria) which form part of the due diligence. In addition to these aspects, we examine meteorological and climate-related factors (such as solar irradiation in the case of solar installations or wind force in the case of onshore wind farms), as well as political parameters such as the relevant national energy policy.
Private Equity: For all Private Equity Investments it is integral part of the due diligence process to analyse whether an appropriate Responsible Investment Guideline for the target fund is applied
Forestry and Agricultural Land: In the asset class we have also established an investment process which, as well as financial criteria, follows additional important objectives relating to investment (including ESG criteria). We regularly review our sustainability criteria for these asset classes using the ESG criteria of external rating agencies.