Exclusion

Exclusion defines criteria for what Swiss Re considers acceptable business and may result in restrictions of companies or countries from our investment universe. These criteria are covered in the ESG Risk Framework, which integrates Group-wide as well as investment-specific guidelines, such as dedicated fossil fuel guidelines and a screening of investees for alignment with UN Global Compact principles.

Accordingly, internal and external investment managers are prohibited from investing in such assets on behalf of Swiss Re. These requirements are contractually defined and adherence is monitored on a regular basis.

Fossil fuel guidelines
In line with our fossil fuel guidelines, we no longer directly invest in companies that exceed set thresholds, as detailed in the ESG Risk Framework. In addition, by 2030, we aim to fully exit coal mining and coal-fired power generation companies for our direct corporate bond and listed equity portfolios via normal portfolio reallocations.

Green, social and sustainability bonds are exempt from these restrictions, provided they comply with the International Capital Market Association’s (ICMA) Green Bond Principles (GBP) and/or Social Bond Principles (SBP).