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Swiss Re Ltd

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement

Fixed income Corporate (securitised) – engagement


OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Private equity

Property

Cash

Money market instruments

Other (1)

`Other (1)` [as defined in OO 05]

          Other includes mortgages loans, policy loans, other loans, derivatives, collateral, repurchase and securities lending balances
        
Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - securitised

Fixed income - securitised - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Hedge funds

Hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

Swiss Re outsources part of the investment portfolio management to external managers. Before external managers are appointed, we perform thorough due diligence, which includes confirming their compliance with our responsible investment approach. This includes the managers' governance approach, the assessment of dedicated resources and policies, as well as ESG integration in their investment decisions. The managers are also requested to provide insights on their approach to engagement and voting, as well as monitoring and reporting.
After being mandated, the managers' individual performance is measured against pre-defined ESG criteria.

The contractual framework for appointing external managers highlights Swiss Re's commitment to responsible investing, and the external managers' responsibility to take ESG considerations into account in their investment process. We define our investment guidelines integrating ESG considerations through pre-defined ESG criteria, the Sustainable Business Risk Framework-based exclusion list, the coal and oil sand exclusions and/or exclusions based on reputational risk concerns, which external managers are required to apply. Monitoring of these ESG risk exposures is an integral part of the regular performance reviews.

In line with Swiss Re's efforts, external managers are encouraged to continually enhance their commitment to responsible investing and to report to Swiss Re on the implementation and impact on Swiss Re's outsourced investment portfolio. Swiss Re requires regular reporting on the external managers' efforts made and monitors their progress.

Swiss Re Asset Management´s ESG Advisory Board reviews the ESG due diligence framework to assess external managers on a regular basis. Any gaps between the investment managers' approach and the Swiss Re Responsible Investing Policy or the Swiss Re Asset Management Voting Framework guide improvement activities.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Fixed Income

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]

RI implementation in Direct Fixed Income - Corporate is covered under Direct Fixed Income - SSA as Swiss Re has the same approach for both asset classes when managed internally. Furthermore, only 2% of investments are allocated to Direct Fixed Income - Corporate.

RI implementation in Direct Listed Equities refers to our internally managed listed equity portfolio, excluding principal investments which are covered under internally managed private equity investments.


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