ALLIANZ IS WITH YOU SIDING WITH GOOD - ALLIANZ TURKEY SUSTAINABILITY REPORT 2017
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ALLIANZ IS WITH YOU
SIDING WITH GOOD
ALLIANZ TURKEY
SUSTAINABILITY REPORT 2017
2 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
HELLO
CONTENTS
1 About Our Sustainability Approach and Report 3 4 Sustainability at Allianz Turkey 16
– Message from Sustainability Office 17
4 – Managing Sustainability at Allianz Turkey 18
2 Allianz Group
4 Environmental, Social, and Governance Principles 18
– Allianz Group at a Glance Internal Audit, Transparency, and Ethics 19
– Allianz Group Renewal Agenda 5
Stakeholder Communication 20
– Sustainability Performance Highlights of
– Our Sustainability Performance 21
Allianz Group 6
– Managing Sustainability at Allianz Group Our 2017 Sustainability Goals 21
7
– Contribution of Allianz Group to Sustainable Sustainability Highlights in 2017 25
Development Goals 8
– How Does Allianz Group Contribute to These Goals 9 – Allianz Turkey and Sustainable Development Goals 26
Sustainability Development Goals Subheadings
to which Allianz Turkey Contributed 27
3 Allianz Turkey 10 Sustainability Areas at Allianz Turkey and
– Allianz Turkey in Numbers in 2017 11 Their Relation to SDG 32
– Our Strategy to Bring Us to Allianz 2.0 12 Good Environment 32
– Message from Management 14 Good Individuals 38
Good Institutions 42
Good Society 53
–– 2018 Our Sustainability Goals 59
5 APPENDICES 61
– Key Sustainability Data 62
– UN Global Compact Progress Report 2017 81
– GRI Standards Content Index 83
– Management and Shareholding Structure 95
– Allianz Turkey Sustainability Committee 99
– Corporate Agreements and the Agreements We Support 100
3 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
ABOUT OUR
SUSTAINABILITY APPROACH
AND REPORT
At Allianz Sigorta A.Ş., Allianz Hayat ve Emeklilik A.Ş. Starting from within the organization, we transform the This report covers the sustainability related activities
and Allianz Yaşam ve Emeklilik A.Ş. (Allianz Turkey in entrepreneurship and innovation culture at Allianz and practices of Allianz Turkey from January 1, 2017
short), we established our sustainability model, shaping Turkey into social good and develop our competencies to December 31, 2017[1]. All financial and non-financial
our sustainability strategy and way of doing business, in this area. information provided in this report is as of December 31,
in 2016 through conducting a broad assessment Through the support and importance granted to 2017. It has been prepared based on the format of the
encompassing stakeholder expectations, corporate entrepreneurship and innovation, our aim is to ensure Global Reporting Initiative (GRI) Standards.
priorities and targets. Sustainability of the Allianz logo that innovation is in the DNA of the corporate culture, GRI Content Index can be found in the appendices of
for 128 years inspired our sustainability strategy. support and encourage innovative young entrepreneurs, this report. If you have anything specific in mind, you can
The model is based on two main focal points. The first benefit society by supporting the Social Innovation and quickly find the information you are looking for on the
of these points is solutions, while the second is the goal Entrepreneurship ecosystem, and make effective use of matter.
of creating a better environment, better individuals, innovation in risk management, preventive and green
better institutions and a better society through business solutions. Our report also includes the United Nations Global
entrepreneurship and innovation. Compact Communication 2017 Progress Report. As
Priorities identified in consultation with our stakeholders Allianz Turkey, we will continue to share with you our
As an insurance company, our core responsibility is to make up the basis of our Sustainability Manifest and sustainability practices, performance and goals on an
identify risks and develop preventive solutions against Sustainability Model. annual basis in the light of global and national
these risks in order to facilitate the lives of our customers. developments over the coming years.
To this end, we pioneer the development of preventive Last year, we blazed the trail in the Turkish sector with
solutions so as to help individuals and organizations our GRI-based Sustainability Report prepared in
equip themselves with the right tools against risks the same year.
related to their assets, health and environment within
the context of our sustainability strategy.
102-1, 102-11, 102-16, 102-44, 102-46, 102-47, 102-49, 102-50, 102-51, 102-52, 102-54, 103-1, 103-2, 103-3, 203-2
4 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
ALLIANZ GROUP
AT A GLANCE
Group, Allianz Turkey’s main partner and the
world’s one of the strongest finance institutions,
has provided insurance and asset management
services to more than 88 million customers from Total revenues approx
more than 70 countries.
€126,1 bn Third party assets of
€1,448 bn
With over 140,000 employees and 88 million customers
worldwide, Allianz has grown to be one of the world’s
largest insurers, investors and assistance providers.
Allianz Group, as Allianz Turkey’s main partner, has
become one of the world’s largest asset management
companies with € 1.448 billion; reached a revenue of
€ 126 billion by the end of 2017 and its operating profit
exceeded € 11 billion. According to ‘Solvency II’
directive, its capital structure of 229 percent has
strengthened Group’s effective corporate structure
this year also. Allianz Group, which systematically
integrates ecological and social criteria into its
business processes, has also maintained its sector
leadership position in the Dow Jones
In more
Sustainability Index. Allianz Group serves
than
Allianz group sees Turkey as an important and strategic
market and considers further strengthening its position
in the country market. In addition to Allianz Tower -our 70 88 mn
headquarters in Istanbul-, our operations center
customers
Allianz Campus was built in Izmir in line with the goals countries
of efficient growth, business continuity and sustainability.
Allianz Campus is a remarkable example of the group’s
long-term perspective. With Allianz Campus, total
investment of Allianz Group in Turkey has exceeded TL
5 billion since 2008. Allianz Group continues to contribute Over
directly and indirectly to Turkey's sustainable
development through its investments.
140,000
employees worldwide
203-1
5 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
ALLIANZ GROUP
RENEWAL AGENDA Dijital by Default
OUR STRATEGY AND APPROACH
Inclusive Mertitocracy Move from selected leading assets to
become ‘Digital by Default’ everywhere
The Allianz Group seeks to position itself as one of
the world’s most trusted financial services provider Reinforce a culture where both
and a global sustainability leader. people and performance matter True Customer Centricity
Make superior customer experience the top
That means creating sustainable economic value priority for all our actions
through a long-term approach to corporate
governance, social responsibility and environmental Growth Engines Technical Excellence
stewardship.
Systematically exploit new Create superior margins, innovation, and
sources for profitable growth growth through best talents and
We want our stakeholders to know that Allianz is
state-of-the-art skills
a financially solid and trustworthy company that
embraces sustainable business as good business,
and whose heart beats for its customers and its
employees. To achieve this, we are adapting our
business strategy with the Renewal Agenda.
It drives our company forward by setting out what
we want to achieve and how we will work together ALLIANZ GROUP TARGETS
to deliver our goals across five key areas. To deliver our Renewal Agenda, we have set clear targets for 2018:
Our Corporate Responsibility Strategy supports
the business in delivering the company's Annual Earnings Total Return on At least Increase our Inclusive Share of newly
goals in a way that positions us as one of the most per Share (EPS) Equity (RoE) of Meritocracy Index launched
responsible insurance and investment businesses growth digital products
in the world.
In 2017, we continued to develop and implement
our strategic approach, building on the five pillars
of our success – integrity, financial strength,
%5 %13 %75 %72 %100
of our businesses to be
technical competence, operational excellence rated by their customers as
and talent base.
Loyalty Leader in terms of
Net Promoter Score.
102-16, 103-1, 103-2, 103-3
6 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
ALLIANZ GROUP SUSTAINABILITY
PERFORMANCE HIGHLIGHTS
• 583 insurance and • 1.21 billion Euro revenues generated
SUSTAINABLE investment through Sustainable Solutions
INSURER • 58 million customers in the
emerging consumers market. • Allianz X invested 96.6 million U.S.
Dollars in leading digital micro-insurer
BIMA Total of
• 1 billion Euro new debt and • Launch of systematic approach for
engagement with investee companies
€5.6bn
RESPONSIBLE equity investments in
renewable energy. on ESG grounds.
debt and equity
investments
INVESTOR • Green bond investments of
2.5 billion Euro.
in renewable energy
165
• 17% cut in CO2 emissions per • 65% of our outbound communication
employee since 2010. was digital.
TRUSTED • 922 suppliers have signed our • Net 60% of business segments measuring
COMPANY Vendor Code of Conduct. NPS performed significantly above
market average or achieved loyalty
Sustainable
Solutions
leadership in their market.
• DJSI global insurance leader in • 66% favorable votes in Work Well
ATTRACTIVE human capital development,
scoring 100%.
Index, our highest score to date. No. 1 insurance
leader of the
EMPLOYER • 37.6% of Allianz managers
are women
• 72% highest ever score in the
Inclusive Meritocracy Index (IMIX) –
our key measure of cultural change.
DJSI
• 20 million Euro corporate giving • Second Allianz World Run raised
COMMITED 500,000 Euro for SOS Children’s
Villages.
CORPORATE • Expanded Encouraging Future
Generations with the Allianz Social
CITIZEN Innovation Fund and Allianz Future
Generations Award.
103-1, 103-2, 103-3, 203-1
7 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
MANAGING SUSTAINABILITY AT
ALLIANZ GROUP
This achievement doesn’t just happen overnight. Many We will not stop there, either. Our finger is on the pulse MY PERSONAL MOTIVATION FOR
ambitious and dedicated colleagues have worked together of sustainability market standards to identify potential ENGAGING IN SUSTAINABILITY
over a number of years to achieve this goal. While there are challenges, listen to stakeholder expectations, and stay
Allianz became the highest-ranked still challenges to come, we have made great strides in ahead of trends. We constantly monitor customer needs, Climate change and economic instability are the
insurer worldwide in the recent years. We have further embedded environmental,
social and governance (ESG) criteria into our proprietary
regulatory developments and scientific advances to be
involved in all important developments in this field.
biggest challenges we will face in the coming
decades. We have no time to waste. It’s not a
Dow Jones Sustainability portfolio (the money we manage on behalf of our
insurance customers), by rolling out the ESG Scoring
question of getting the wheels turning, but rather
how fast we can drive the change. We will listen
Index in 2017. approach across our debt and equity investments. THE NEED TO INNOVATE TO FIND to our stakeholders’ concerns and continue to
This allows us to make even better investment decisions SUITABLE SOLUTIONS go forward. When we meet our stakeholders’
87/100
that foster sustainable markets and societies, while meeting expectations, we are also meeting those of
The how is just as important as the what. We need to
long-term interests. We have also grown closer to the our own: to work together to reach a more
continuously innovate: market-based solutions are one
community, having expanded our Corporate Citizenship sustainable future.
way in which we can go further in promoting economic
Program and launching the Future Generations Award for
growth and social innovation. Just like governmental or
helping underprivileged youth. These steps forward have
Allianz Group took the leading position in the DJSI donation-based programs, they can help lift people out
helped us to win the trust and recognition of our employees, CEO
of poverty. In particular, many regions in Asia and Africa
among all rated insurance companies, scoring 87 customers and policymakers that enable us to be a leader
need such solutions to tackle climate change risks,
Allianz SE
out of 100 points. of sustainable business standards in the financial community.
healthcare and other issues that directly affect people’s
standard of living.
Dow Jones Sustainability Indices Our latest investment in leading microinsurance platform
(DJSI) are the first global THREE PILLARS THAT MAKE AN IMPACT
Large, responsible companies can, and do, have a measurable
BIMA is one example of this. With just a few clicks on their
mobile phones, 24 million citizens now have access to
‘’I am convinced that climate
sustainability benchmark which impact. We do this by focusing our Corporate Responsibility
(CR) approach on three pillars: Low-Carbon Economy, ESG
affordable insurance and healthcare. Our investment will
allow the company to deliver against their ambition to
change and economic instability are the
track the stock performance of Business Integration and Social Inclusion. These pillars reach one billion customers. Digital technologies enable biggest challenges for the coming
support the UN Sustainable Development Goals (SDGs), faster, simpler solutions that strengthen local communities.
decades. We have no time to waste. ’’
the world's leading companies in demonstrating our dedication to global sustainability.
What does that mean? We take action to protect the
terms of economic, environmental environment and embrace the Paris Climate Agreement.
We divested €265 million from coal and applied ESG criteria
and social (ESG) criteria. to our €690 billion portfolio. We also invested €5.6 billion
into renewable energy. We want to keep supporting
children and youth through our Encouraging Future
Generations Program, too. So far, we have distributed
€250,000 through the Social Innovation Fund to five of our
In 2017, Allianz Group took the operating entities. The SOS Children’s Villages have been
heartily supported by our employees via the 2017 Oliver Bäte
leading position in the DJSI among Allianz World Run – with tailor-made emergency
CEO
preparedness packs amounting to a total value of €500,000.
all rated insurance companies, Allianz SE
scoring 87 out of 100 points.
102-15, 103-1
8 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
ALLIANZ GROUP’S CONTRIBUTION TO THE
SUSTAINABLE DEVELOPMENT GOALS
The global SDGs are a universal call to action to end poverty, protect the planet and improve global political and economic stability.
Through 17 bold commitments and 169 targets, the goals seek to drive global action across social, environmental and economic development
issues up until 2030. Each goal is interlinked, and they influence each other in complex ways. Through a detailed analysis, we have identified the four
SDGs to which we currently contribute, and impact on, the most.
Low-carbon
economy
Social
inclusion
Business
integration
102-15, 103-1
9 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
HOW ALLIANZ GROUP CONTRIBUTES
TO THESE GLOBAL TARGETS?
Allianz is one of the strongest financial communities We are focused on supporting low-income
in the world. We provide employment for over customers in Asia, Africa and South America to
140,000 people. Some 88 million customers in more close the gap for people who need access to low
than 70 markets rely on our insurance products and cost financial services. Digitalization is enabling
funds for their financial wellbeing. In 2017, we paid more and more people to access insurance as we
income taxes of more than 2.9 billion Euro, thereby embrace the opportunities through our Digital by
enabling public spending in education, housing, Default strategy, implemented with our Renewal
medical care, and other vital services. Agenda 2015.
By the very nature of what we do – protecting But it’s not just through our core business that we
people and businesses against risks – we contribute to sustainable economic growth; we are
contribute to our customers’ long-term financial also focused on breaking down barriers to social
wellbeing and stabilize local economies. inclusion for a better, more productive future.
Insurance is one of the key ways by which we That is why, in 2016, we made social inclusion
limit the impacts of climate risks and compensate one of the three priorities of our Corporate
for climate-related damages. The higher the Responsibility Strategy.
level of insurance coverage a country has, the
more resilient it is to extreme natural events.
Furthermore, following an extreme weather event
such as a flood or hurricane, insurance payments
are often a fast and reliable solution to help
victims recover quickly, preventing them from
falling into, or deeper into, poverty.
140,000+
people are employed by
88 million
Allianz customers in over 70 markets
Allianz worldwide
102-15, 103-1, 103-2, 103-3
10 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
ALLIANZ
TURKEY
Allianz Turkey is comprised of three companies, namely
Allianz Sigorta A.Ş. that operates in elementary
insurance, Allianz Hayat ve Emeklilik A.Ş. and Allianz
Yaşam ve Emeklilik A.Ş., both active in life and pension
branches.
Allianz Turkey operates with its 2,500 employees,
12 regional directorates, 4,000 agencies, over 2,000 bank
branches, and more than 6,000 contracted institutions
and serves around 7 million customers in 81 cities.
As Allianz Turkey, we maintained our leadership in
business areas and took a step forward in 2017.
2,500 12 regional 4,000
employees directorates agencies
2,000+ bank 6,000+ Service provision
branches conctracted to around 7 million
institutions customers in
81 cities11 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
ALLIANZ TURKEY IN
NUMBERS IN 2017 Allianz Turkey 2015 2016 2017
Allianz Turkey maintained its leadership in business Allianz Turkey's consolidated growth 23.5% 28.3% 2.2%
areas and took a step forward in 2017, a buoyant year.
We managed to make use of the opportunities and TL 7 billion
(TL 4.6 billion of gross
TL 9 billion
(TL 6.3 billion of gross
TL 9.2 billion
(TL 5.13 billion of gross
create added value for both the society and life itself Allianz Turkey's consolidated revenue premium, TL 2.4 billion from premium, TL 2.7 billion from premium, TL 2.6 billion from
despite legislative amendments, floods, ups and the Private Pension System (PPS)) the Private Pension System (PPS)) the Private Pension System (PPS))
downs in international affairs, increasing inflation,
decisions of credit rating agencies, unexpected growth Allianz Turkey's net income TL 372 million TL 526.4 million TL 807 million
performance and other macro- and microeconomic
developments. Allianz Turkey's number of customers 5,612,316 6,795,925 7,000,000
In 2017, assets of Allianz Turkey reached TL 22.8 billion.
Production of premiums and contributions stood at TL 9.2 billion. Non-Life Insurance 2015 2016 2017
Our net income became TL 807 billion. We further increased our
Growth 26% 42,6% -11,1%
financial strength and stability in 2017.
This added value directly reflects on our stakeholders and the Premium production TL 4.05 billion TL 5.8 billion TL 5.13 billion
society. In 2017, we created an added value of TL 3.2 billion for our
customers, TL 207 million for our shareholders, TL 907 million for Market share 14.9% 16.3% 12.9%
our distribution channels, TL 339 million for our employees and
TL 818 million for the society. Sector ranking 1 1 1
Allianz Hayat ve Emeklilik A.Ş. reached TL 741.4 million in premium
production and TL 2,578 million in total net asset value of its fund. Life Insurance 2015 2016 2017
The net income of the company stood at TL 19.6 million, while
the capital adequacy ratio reached 238%. Growth 24.5% 3.8% 32.4%
Allianz Sigorta A.Ş. maintained its leadership of the sector once Premium production TL 548 million TL 568 million TL 752 million
again with the highest premium volume, at TL 5,134 million, and
preserved its strong position within Allianz Group. Its earnings Market share 14.6% 11.3% 11%
before tax and net income stood at TL 757.3 million and
TL 574 million, respectively, while the company's capital Sector ranking 2 2 2
adequacy ratio reached 170%.
Allianz Yaşam ve Emeklilik A.Ş. completed 2017 in step with its PPS 2015 2016 2017
targets. The company's gross premiums and PPS contribution
sreached TL 3,361 million, while the pension fund reached Growth 21.2% 20.6% 27%
TL 10,464 million, net income reached TL 213.1 million and
capital adequacy ratio reached 310.5%. Premium production TL 8.44 billion TL 10.2 billion TL 12.92 billion
Market share 17.6% 167% 16.6%
Sector ranking 3 3 3
102-2, 102-6, 102-7, 102-45, 103-1, 103-2, 103-3, 201-112 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
OUR STRATEGY TO BRING US TO ALLIANZ 2.0
Our Vision, Mission and Values are Our Guides. We are Strong together with our Stakeholders, and Create Value
for Each Other. The secret to Our Success is Continuous Engagement
At Allianz, our vision is to pioneer new We are here for our community. We are with Our Stakeholders.
generation insurance focused on customer committed to protecting the health of our
satisfaction and technology, and to be customers, their assets they have created
a social brand that increases society’s over the years, and to be with them and
At Allianz Turkey, we owe our leader position in the sector to the firm
quality of life. their families at all stages of their lives. cooperation developed with our rich stakeholder chain. The service
network formed by Allianz Turkey's agencies and corporate customers
Our Vision Our Mission mainly consists of groups directly involved in humanitarian and
sustainable development, such as medical groups, physicians and
pharmacists. In addition to product marketing activities supported by
our regional directorates, we perform customer segmentation to better
know and serve our customers and maintain communication and
restructuring activities on a segmented basis. We prioritize continuous
engagement and communication with our stakeholders.
We Closely Follow Customer Expectations and Market Dynamics.
This Foresight Underpins Our Strategy.
2017 2018 2019 2020 2021 2022 2023 →→
Slow progressing rate of insured people Economic growth
Macroeconomic fluctuations Increasing customer expectations
Price competition Changing customer habits
Our Values Our Strategy Regulation Generation Y
New business models Young population and dynamism
Customers are Our Priority. To be the best insurance company in terms
Digitization New technologies and cyber risks
We are Trustworthy and Fair. of customer satisfaction and engagement,
We are a Real Team. to be a leader in market share and profitability Competition in customer satisfaction Product and service innovation
We are Pioneers. in life and pension, elementary and health Loss costs Climate change
branches, to lead the next generation insurance
with a focus on digitization, and to maintain and
develop our common culture based on high
performance and cooperation.
102-47, 103-1, 103-2, 103-313 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
OUR STRATEGY TO BRING US TO ALLIANZ 2.0
Being at the Center of Our Strategy, Allianz Group Renewal Agenda
Updates and Strengthens Us Under Changing Circumstances.
Creating New Standards
for Customer Experience Protecting and Improving
Leadership in All Areas
Offer outstanding customer experience
Be there for your customer
for life Touch with your emotions, Ensure sustainable growth
win with your truths Maintain a stable portfolio
Use the power of multiple distribution channels
Maintain your advantage regarding costs and
technical superiority
Creating the
Future Allianz
Invest in human capital
Strengthen work culture
Strengthen infrastructure and improve
processes
Pioneering the
New Generation Insurance
Make digitization and innovation your way of
doing business
Ensure continuity in corporate development
102-47, 103-1, 103-2, 103-314 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
MESSAGE FROM
MANAGEMENT
Esteemed Stakeholders,
At Allianz Turkey, we come further closer every day to
our objective "better environment, society, individuals
and institutions" thanks to our Sustainability strategy ‘’We are proud to have kept our promise of
and model. We continue to take pioneering steps in contributing to creating a better environment,
the insurance sector, where the nature of work better individuals, better institutions and
already entails providing preventive solutions a better society.
for sustainability.
I would like to extend my gratitude to all
In addition to risk assessments, the consolidation of assets and the our product and solution specialists and
efficient use thereof, we strive to lead the new generation insurance
with an entrepreneurship and innovation focus and to become
sustainability committee that worked towards
a social brand improving the society's quality of life. We are fulfilling the goal of 'implementing 3 new
committed to protecting the health of our customers, their assets sustainable solutions every year', which is
created over the years, and to be with them and their families
at all stages of their lives.
considered ambitious even in the sustainability
To this end, our second most important focus is preventive circles.
solutions as well as entrepreneurship and innovation.
Steps explained in this report were not taken solely under
corporate business plans and the sustainability model.
We also aimed to integrate each and every one of our steps
to international solidarity. We support the 10 principles
determined by the United Nations Global Compact, to which
we are a signatory, under the themes of human rights,
working standards, environment and anti-corruption.
We focused on 5 of the 17 United Nations Sustainable
Development Goals.
Our actions reflect the responsibility of being the first and only
institution to sign the Women's Empowerment Principles (WEPs)
of the United Nations.
Aylin Somersan Coqui
Allianz, CEO
102-11, 102-12, 102-14, 102-15, 102-46, 102-47, 103-1, 103-2, 103-3, 203-215 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
MESSAGE FROM
MANAGEMENT
We strive to raise awareness in the industry on sustainability through We also supported social initiatives and innovation. Under Allianz Group,
our teams, which are aware that commitment to professional and we started to provide support for 3 social initiatives from Turkey in
sustainability principles is a must rather than a choice, the resources collaboration with Impact Hub. A corporate social responsibility program
we allocate for this purpose, both our research we obtain from and strategy, through which we will create social good with the participation
Allianz Group and share in order to raise awareness, and the of our stakeholders, were devised in the light of our vision to become
research with which we constantly measure our development, a social brand improving the society's quality of life. We raised TL 100,000
%66
reputation and perception for the stakeholders. for Koruncuk Foundation thanks to our Allianz running team.
We proved that our commitment to our goal of "implementing We are well aware that we will not be able to exist if the planet we are
3 new sustainable products or services every year" that is considered living on does not prove to be sustainable. Therefore, we consumed, at Our Inclusive Meritocracy
ambitious even in the sustainability circles did not only remain Allianz Turkey, 20 times less electricity, 6.5% less water and 7 times less Index (IMIX)
in words, but put into practice. In 2017, we performed an awareness paper per person compared to 2016. Use of alternative energy resources Score
effort for women on the battle with breast cancer and made increased by 26%. We managed to reduce our carbon footprint resulting
a discount for fully-electric cars in motor own damage insurance. from business trips by 4.3% thanks to the efficient use of technology.
We completed the design of our performance insurance product
specific to solar panels and initiated the certification process.
In the meantime, the first phases of internal and external
We took active part in the Integrated Reporting Turkey Network (ERTA),
Business Council for Sustainable Development Turkey (BCSD Turkey) and
TUSIAD's working groups.
%56
entrepreneurship programs, which were implemented in a way to Our Work Well
Construction of Allianz Campus is complete and we hope it to be the center Index (WWi)
complement each other, are now complete and we decided to
of new generation insurance and contemporary art in order to both manage Score
support 3 innovative projects. 7 projects selected among 90
our risks and backup our centers, and to generate solutions by investing
applications to the internal entrepreneurship program, initiated
in growing corporate needs. The opening ceremony was organized in
by our Innovation Office in 2017, were admitted into the fast-track
April 2018.
%73
program and 2 of them were qualified to proceed to the incubation
phase. We wish to boost the new generation insurance by
We paid particular attention to the design of this campus as an
integrating innovative business models into insurance itself through
environmentally- and employee-friendly venue using renewable energy.
cooperative relations established with entrepreneurs.
While carrying out all these efforts, we acted with the mindset Our Employee Engagement
"We cannot manage what we cannot measure". To this end, our information Index (EEI)
We also focused on collaboration with Universities and innovation
technology teams developed our own sustainability measurement panel Score
integration with Allianz Group. Cooperation was established with
in order to concretely observe the value created in the field of sustainability.
many significant institutions within the entrepreneurship ecosystem
such as TUSIAD (Turkish Industry and Business Association),
We are extremely proud to have kept our promise of contributing to the
GIRVAK (Entrepreneurship Foundation) and Etohum.
creation of a better environment, better individuals, better institutions and
a better society. I would like to extend my gratitude to all our employees
and stakeholders for their support in our efforts.
102-46, 102-4716 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
SUSTAINABILITY AT
ALLIANZ TURKEY Good Society
As Allianz Turkey, we stand by the goodness. aims to contribute to
For us, "goodness" not only means being physically Good Individuals sustainable development
healthy, but also being stable, at peace, and of the society and make
aims to increase Allianz a better corporate
on the side of what is right. the quality of life of citizen
the individual in
Every action at Allianz Turkey serves two main terms of physical,
mental and economic
focal points, on which our sustainability model health and his/her peace
is based: Preventive solutions and
entrepreneurship & innovation
These two focal strategies form our goal of
creating a better environment, better individuals,
better institutions and a better society.
As Allianz Turkey, we support the fulfillment of five
global goals with each step we take and the values
we create in these fields. Some of our operations
affect multiple focal points and global goals..
Good Environment Good Institutions
involves raising awareness aims to make sustainable the
on global climate change and institutions we engage with and
active efforts towards transform Allianz into a transparent
preventive solutions and accountable company
that can manage its risks
102-44, 102-46, 102-4717 Allianz Turkey Sustainability Report 2017 Allianz Group Allianz Turkey Sustainability at Allianz Turkey Appendices
MESSAGE FROM
SUSTAINABILITY OFFICE
Esteemed Stakeholders, Thus, we transferred sustainability responsibility to the entire Allianz rather than a single unit.
We are proud of the difference and awareness created through our interaction with internal
This report is the embodiment of our efforts to ensure the and external stakeholders, innovative suggestions as well as the product and services
sustainability of a more livable planet, or at least one in the offered in line with our focal points. economy and social development with our offering
condition we inherited. We will pass it on to future of products and services.
generations without taking the planet we were entrusted
Another significant step we took during this process is creating the innovation office established
with for granted, and build a collective awareness within to integrate into our corporate culture entrepreneurship and innovation, a building block of our
the framework of the highest humanitarian values. sustainability model. Our innovation office has assumed a key responsibility with the mission
of ensuring that each unit of Allianz Turkey develops projects that will make customers' lives easier
What a joy it is to be a part of Allianz Group, performing all of its operations and respond to new generation insurance needs, and of boosting internal entrepreneurship
in parallel with the principles of sustainability. We are pioneering the industry as potential, cooperating with external entrepreneurs, ensuring that innovation runs through
Allianz Turkey through the vision of our group, which is accepted as one of the veins of the organization feeding work culture and business processes.
the most sustainable companies in the world and has been reporting all its
activities since 2004. After developing and implementing Turkey's first ESG (Environmental, Social, and Governance Principles) factors constitute the basis
sustainability strategy and model in insurance sector, we, once again, blazed of our management approach due to the long-term commitments and the global
the trail and for the second time, recorded all our activities in line with impacts that our business brings about. To this end, we determined 13 sensitive
international standards. business areas that may pose a high risk for ESG and affect our investors, customers,
employees and the society in general.
At Allianz Turkey, we formulated our strategy within the context of our vision
of becoming a social brand improving the quality of life for our society. We are well aware of the economic and social importance of our sector. To this end,
Additionally, we wished to become part of a bigger picture, signing the we have a very broad approach to risk management with expert teams, resources,
United Nations Global Compact. In addition to supporting 17 Sustainable research and risk modelling investments by knowing that the best way to efficiently
Development Goals determined by the Global Compact, we have focused protect the environment, society, institutions and individuals is to know the risks and
on 5 goals to which we directly contribute. We committed to transforming properly manage them. We employ internationally-accepted risk management
our operations in accordance with the principles of sustainability for the principles in our risk management processes. Matters such as the risk levels and
benefit and tranquility of a better environment, individuals, institutions and risk limits that our company can tolerate in line with its strategy and policy are
society by directly contributing to “Climate Action”, “Good Health and discussed and settled at our risk committee meeting convened at least quarterly
Well-Being”, “Decent Work and Economic Growth”, “Sustainable Cities and and consisting of the company's upper management and Allianz Group's representatives.
Communities” and “Gender Equality” goals. On this path, we took action to
present preventive solutions by supporting entrepreneurship and innovation. At Allianz Turkey, we do not view the concept of 'sustainability' as a corporate social
responsibility project. While ensuring the economic sustainability of individuals,
We established a Sustainability Committee in order to make all our activities on institutions and communities against potential risks, we also support both
sustainability a part of our business processes, determine our goals and the economy and social development with our offering of products and services. Burçun İmir
measure our performance. We established an effective and well-attended We would like to thank our stakeholders, employees and customers who have Corporate Communications
committee that directly report to the executive board where each one of our supported us as we carry out our efforts in this regard. and Sustainability
business units is actively represented and 40 members with different functions Office Director
come together every month without any exception.
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MANAGING SUSTAINABILITY AT ALLIANZ TURKEY:
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE PRINCIPLES
Due to the nature of our work, ESG (environmental, One of the principles of our management approach at As an insurance sector offering our customers In the event underwriters or the corporate sales
social, and governance) constitutes the basis of Allianz is dialogue with NGOs. We regularly organize long-term commitments, we must always be team make a request for proposal with regard
our management approach at Allianz in terms meetings and discuss ESG and sustainability matters on the look-out for new risks brought up by to a sensitive business area, ESG forms specially
of the long-term commitments they contain and the with the related NGOs. This dialogue provides a forum the climate change and the opportunities that prepared for each sensitive business area will be
potential impacts they will create. As Allianz Turkey, where reservations, suggestions and ideas are shared. come with sustainable development efforts, and filled out and the matter will be transferred to the
we work with Allianz Group under a common Thus, Allianz raises its transparency bar by sharing constantly modify our risk assessment approach. Corporate Communications and the
understanding and shared procedures. correct and timely information with NGOs, while For this reason; environmental, social, and Risk Department. After the form is reviewed
benefiting from their expertise. In addition to an governance (ESG) matters are a part of our and the risk is assessed, the matter is transferred
Allianz Global has identified 13 sensitive business exchange of ideas with NGOs, Allianz also receives Allianz family in day-to-day decision processes to the Group's ESG Office if it needs to be
areas (agriculture, animal testing, animal welfare, support while applying its ESG Scoring Methodology and code of conduct. transferred to the decision-making mechanisms
betting and gambling, clinical trials, defense industry, to certain risky projects. This allows "an external eye" of Allianz Group. Group's EGS Office decides
human rights, hydro-electric power, infrastructure, to offer their ideas with regard to a risky project, At Allianz, ESG scanning process is used to integrate on whether the matter be transferred to the
mining, nuclear energy, oil and gas, and sex which is quite significant. ESG matters into insurance operations. Allianz Group Global Risk Department or be resolved
trafficking) that may pose a high ESG risk and impact initiates a pre-determined decision-making mechanism by the local unit.
investors, customers, employees and the society for the sensitive business areas during the
in general. Allianz thoroughly examines each and decision-making process for the policy. ESG scans are For the matters transferred to the Global Risk
every transaction in line with its ESG approach in conducted by taking as basis the guidelines which Department, the decision to be rendered
order to better understand who takes part in sensitive cover significant information that needs to be therefrom will be taken as basis. If, after
business areas, what can be done and their impacts. considered for every sensitive business area and are reviewing the forms, the ESG matter can be
This may correspond to environmental impacts and based on international standards and best practices. resolved locally, the proposal assessment
how to manage these in an infrastructure investment This procedure applies to all companies under process ends in line with the
or to human rights, occupational health and safety
A graphical summary of our ESG Allianz Group. Risk Department's decision.
in another project. If Allianz detects that risks are not Application/Guidance Process:
properly handled or managed, it rejects the
transaction or requests from the other party to take
measures aimed at mitigating ESG risks.
For insurance/ Are there Proceed with
Conducting sensitive the proposal
Allianz ESG Integration Framework updated in investment pre- scanning business areas? No procedure
September 2017 shapes our ESG approach at
Allianz Turkey and is our main guide while assessing Proceed with
Yes
ESG risks. In addition to role and responsibility No
the proposal
procedure
definitions related to ESG, our ESG approach,
directives with regards to ESG-risky sectors, our Yes
ESG risk scanning If there is a potential Conditionally
ESG scoring approach, our exclusion policies and for the related
No ESG ESG risk, ESG proceed with the
Risk
Allianz Group's legal persons, the Framework is sensitive business transferring the Assessment proposal
Proposal to the procedure
a comprehensive guide encompassing our principles Group's ESG Office
regarding our external partners.
Rejection of
Allianz ESG Guidance/Application Process request for
proposal
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MANAGING SUSTAINABILITY AT ALLIANZ TURKEY:
INTERNAL AUDIT, TRANSPARENCY AND ETHICS
At Allianz Turkey, we aim to transform the ALLIANZ CODE OF CONDUCT FOR BUSINESS ETHICS AND COMPLIANCE
Internal Audit function into a strategic partner
“
• Employees of Allianz observe all laws, rules and regulations implemented in their respective
that supports the Company's mission and business fields in the country they work, just as they observe internal regulations and
provides added value, using the international policies at Allianz.
knowledge and experience of Allianz Group.
• Allianz Turkey does not tolerate any discrimination or harassment in the workplace based on
All companies
criteria such as age, gender, race, ethnic origin, disability, political view or personal under Allianz
We owe our success to the trust of our customers, world perspective.
Turkey have an
shareholders, employees and the public in our
integrity and performance.
• Safeguarding of customer-related data and compliance with applicable legislation are Audit Committee,
important foundations in terms of sustainable confidentiality, essential to customer trust in
Allianz Turkey. managers
The Code of Conduct for Business Ethics and responsible for
• Allianz employees do not mislead the market or customers with their actions
Compliance, prepared to ensure the maintenance and/or statements. Internal Audit,
of this trust and applicable to all employees, Risk Management,
• When establishing a relationship with customers, or providing financial services to customers,
sets the minimum standards to which all our
Internal Control
”
utmost care is given to ensure that the customer is provided with the information required
employees must conform: to make reasonable decisions.
• Complaints from all former and current customers are handled promptly, timely and
fairly and in accordance with applicable laws and regulations.
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MANAGING SUSTAINABILITY AT ALLIANZ TURKEY:
STAKEHOLDER ENGAGEMENT STAKEHOLDER
COMMUNICATION
COMMUNICATION CHANNEL
Agency Meeting
FREQENCY OF
Once a year
Agencies DigitALL Daily
In the face of changes and issues on The following are just a few examples of the success E-Notifications On a need-basis
a global scale; all systems, institutions and we achieved together with our stakeholders in 2017: Employee Satisfaction Survey Annual
individuals are required to engage and • We Created our CSR (Corporate Social Responsibility)
CEO Breakfasts Once a month
communicate as never before. Today, Program Together with Our Stakeholders: Allianz Talks Every 2 months
sustainability for a company means We designed a corporate social responsibility program through Collab Day Every 3 months
long-term and extensive efforts with our stakeholders.
the management of its own environmental, Through this program, we contribute to our goal of "a good society",
Long Table Meetings Once a year
Employees
social, economic and governance in addition to global goals with regard to healthy individuals and " CEO Townhall Thrice a year
responsibilities, while taking into account a good individual" goal. Department Townhalls On a need-basis
its stakeholders affected by its activities, • We Listen and Adapt to the Needs of Our Agencies:
Allinn Chats Every 3 months
and their priorities. Birİz Magazine Thrice a year
In line with the feedback from agency satisfaction surveys conducted
every year in order to find out the requests of agencies, one of our E-mail notifications Daily
most significant stakeholders, we took necessary actions for the Sales Meeting Once a year
For this very reason, maintaining a dialogue Company processes to function more efficiently.
with stakeholders, considering their opinions Press Conferences On a need-basis
and needs and transparently communicating • We Support Entrepreneurship Culture: 1-1 Talks with CEO Year-round
Media
Within the context of cooperation with external stakeholders such
the performance of the Company to as TUSIAD, Etohum, Entrepreneurship Foundation, Core Strategy Interviews and Press Releases Year-round
all stakeholder groups are among and Startupswatch, we create social good by supporting enterprises Year-round
Advertisements
the priorities of Allianz Turkey. outside the Company and integrating socially beneficial projects
to the Company.. Customers Market Research Year-round
Creating meaningful relationships with Customer Satisfaction Calls Year-round
stakeholder groups enables us to operate • We Believe in Win-Win Strategy:
We significantly modified the coverage structure of Credit Life Research Year-round
more effectively, better interpret emerging
insurance product and minimized the financial losses of our Stakeholder Sustainability Expectation Surveys Biennial
issues, and contribute more to society as customers and their legal heirs. Through this alignment, the
All Stakeholders
Annual Reports Once a year
a responsible corporate citizen. financial losses of our business partner bank also decreased and
the satisfaction of all stakeholders increased Allianz Tower Meetings Year-round
Civil Society Istanbul Marathon Once a year
• We Work to Spread Insurance and Saving Awareness:
Communicating insurance products, the Private Pension System
and its requirements to stakeholders and establishing long-term Of course, our stakeholders are not limited to this. We are in direct or indirect cooperation
relations with customers are quite significant in terms of increasing with university students, experts, physician, brokers, academics, hospitals, pharmacies,
the level of trust in these sectors and products in Turkey. Our main service and repair shops, banks, national and international development and finance
mission is to raise awareness in business fields that are important institutions, humanitarian aid organizations, business umbrella organizations,
for achieving humanitarian development and sustainable entrepreneurship centers and other various institutions, organizations and individuals.
development goals and mitigating basic risk factors. At Allianz Turkey, we closely work with our sectoral stakeholders on every matter
related to our line of business.
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OUR SUSTAINABILITY PERFORMANCE
OUR 2017 SUSTAINABILITY GOALS
Our goal achievement rates in 2017 in terms of sustainability at Allianz Turkey:
%90 %100 %100
Implementing Publishing the first GRI-Based Creating sustainability
3 new sustainability Sustainability Report measurement panel
solutions in the sector for the goals
%100 %100
Creating Corporate Social Creating Corporate
Responsibility Strategy Volunteering Strategy
and Program and Program
“ We are extremely proud to have kept our promise of contributing to the creation of a better environment, better individuals,
better institutions and a better society. I would like to thank all our product and solution specialists and sustainability
committee that worked towards fulfilling the goal of 'implementing 3 new sustainable solutions every year',
”
which is considered ambitious even in the sustainability circles.
Aylin Somersan Coqui, CEO, Allianz Turkey
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OUR 2017 SUSTAINABILITY GOALS
3 NEW SUSTAINABLE SOLUTIONS EVERY YEAR
We kept our promise of implementing 3 sustainable products
or services aimed at developing products and services for
supporting sustainable development and creating social
impacts. In 2017, we initiated an awareness effort for women
on the battle with breast cancer and made a discount for
fully-electric cars in motor own damage insurance.
We completed the design of out performance insurance
product specific to solar panels and initiated the certification
process, which will be finalized in 2018.
Our solution for the battle with breast cancer aims to improve
the health of the society and adopt preventive approaches.
Our second product's goal is to enable a larger audience
in the society access electric cars, which will have a significant
role in the low-carbon economy. We managed to increase We implemented Performance guarantee
the rate of mammography use special motor own on us for solar
We developed our last product in order to maximize solar
energy potential of Turkey, which is the least risky in terms of
environment, social and economic among energy generation Through this step we took under preventive Through the step we took for "good We are developing a product covering
types. Thanks to this product, it is possible to protect solar solutions and "good individuals", we adopted environment", we implemented motor own the performance and profit losses
plants against risks related to climate and weather and the motto "early diagnosis saves lives" in the damage insurance advantage for electric cars resulting from low solar rays due to bad
mitigate the reservations of the investors on the topic. fight against breast cancer. as one of the most important causes of weather conditions, independent of
We remind mammography rights under climate change is the use of fossil fuels. physical damage to solar energy plants,
the coverage to our customers through a new "good environment"
At Allianz Turkey, in order to encourage solution developed at Allianz Turkey.
Thus: the use of electric cars in Turkey, we:
“We reached 40,500 out of 115,000 “We offered up to 20% of discount in “It is not sufficient to protect solar
people over the age of 40 with motor own damage insurance's net energy plants just from physical risks
women's health insurance.” premium for fully-electric cars related to climate and
categorized under private weather conditions.
“We raised the rate of mammography vehicle in Turkey.” We support Turkey's
use in the identified control group transition to low-carbon
from 8% to 54%." economy by also insuring
performance losses.”
“Approximately 30% of insurance
holders requested additional
information on breast self-examination.”
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OUR 2017 SUSTAINABILITY GOALS
THE FIRST SUSTAINABILITY
SUSTAINABILITY REPORT MEASUREMENT
IN THE SECTOR PANEL
We published the first Global Reporting Initiative (GRI)-based sustainability report in the industry. We observe many important indications at our company from environmental and governance
Every year, we record our progress in line with international reporting standards such as GRI. matters to gender equality through our "measurement panel".
Our report has been evaluated within the context of SKD Turkey, the umbrella organization
of the World Business Council for Sustainable Development (WBCSD) and Reporting Matters
Methodology developed in cooperation with London-based consultancy company
Rodley Yeldar. After receiving the opinion of Price Waterhouse Coopers (PWC), SKD Turkey
announced that Allianz Turkey's first sustainability report had surpassed the average
of 23 reports.
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OUR 2017 SUSTAINABILITY GOALS
CORPORATE SOCIAL
RESPONSIBILITY
PROGRAM
Together with our stakeholders, we designed a corporate social responsibility
program through long-term and extensive efforts. We placed children into
focus by lining up with the encouragement programs of Allianz Group for next
generations and created a program that we hope will ensure a healthy growth
and development for children through activities and sports and that will be
initiated in 2018.
CORPORATE
VOLUNTEERING
ACTIVITIES
We participated in the Istanbul Marathon together with our Allianz Turkey
running team consisting of 200 people and initiated our corporate volunteering
actions. We ran for Koruncuk Foundation, working for children in need of protection.
Just in this marathon, we raised TL 100,000 from our friends and supporters.
Our aim is to increase our corporate volunteering activities in 2018 under our
Corporate Social Responsibility Program.
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