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Swiss Re Ltd

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Outputs and outcomes [FI 17 - 18]
Direct – Private Equity
Overview [PE 01 - 02] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Asset class implementation not reported in other modules

Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework

Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Listed equities – ESG incorporation

The internally managed asset class "listed equities" considers ETFs and futures. Due to the product structure, Swiss Re is generally not able to apply its Sustainable Business Risk Framework (e.g. exclusions of companies and/or countries). However, we monitor the ESG ETFs and futures investment universe and engage with related providers on a regular basis.

In this context, we have made a first allocation into an ESG ETF in 2019 that allowed for sufficient volume and liquidity requirements.

Listed equities as part of our Principle Investment activities are covered in the "Direct - Private Equity" section.

Cash

We monitor counterparties on their ESG ratings to guarantee the required ESG quality by having a minimum rating standard. All counterparties rated below BB require a relationship rationale.
Money market instruments

Money market instruments include cash and government bonds. The portfolios are monitored on political risks, human rights, and environmental issues affecting the resilience of countries as part of Asset Management’s ESG practice. Results guide our responsible investment decisions to guarantee the ESG quality of the portfolios by having a minimum ESG rating threshold; investments rated below that require an investment rationale.

16.2. Additional information [Optional].

SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved
Hedge funds - DDQ

Select whether you use the PRI Hedge Fund DDQ

Hedge funds

Hedge Funds invest across different asset classes ranging from fixed income (government bonds and corporate debt) to listed equities but as well at times in less liquid instruments.

Irrespective of the choice of asset class and liquidity, we consider ESG criteria in our investment due diligence assessment, and investment manager have to sign a binding ESG letter outlining how ESG considerations have to be taken into account.

Other (1) [as defined in Organisational Overview module]

The vast majority of externally managed assets under the section "Other (1)" are mortgage loans.

In our due diligence assessment, we consider ESG criteria, and investment managers have to sign a binding ESG letter outlining how ESG considerations have to be taken into account.

The managers consider aspects of ESG as part of the investment process in evaluating new transactions, with a focus on environmental issues. Environmental concerns or issues are documented by the manager in the investment memo of the potential transaction. Unfavourable findings could lead to the decision to not execute an investment.

17.2. Additional information.

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