VIG enhances sustainability rules in asset management & underwriting

Vienna Insurance Group (VIG) is expanding its sustainability declarations for investment and underwriting, now binding for all VIG companies.

Additionally, as part of the ongoing VIG 25 sustainability programme, VIG is establishing its own “Group Sustainability Office.”

Within investments and underwriting: VIG prioritises engaging with stakeholders in implementing its sustainability strategy. Dialogues in 2019 led to a declaration outlining sustainability criteria for investment and underwriting processes.

These have now been expanded into two declarations:

The “Responsible Investment” declaration outlines criteria for thermal coal and unconventional oil and gas, updated in 2023, and includes exclusions related to banned weapons. VIG also avoids investing in companies violating the UN Global Compact or human rights. VIG engages with companies to improve their ESG performance, collaborating with external partner ISS ESG since autumn 2023.

The “Responsible Insurance in Corporate Business” declaration, adopted in March 2024, specifies that VIG no longer provides risk cover for unconventional oil and gas exploration, including shale gas and oil, tight gas and oil, and all forms of new deep-sea mining projects.

“By tightening our investment and underwriting guidelines, we are supplementing our ambitions in the pursuit of our net zero target, which we essentially map via our sustainability programme and the portfolio management contained therein. In addition, we are also establishing a Group Sustainability Office to anchor sustainability comprehensively in our business model,” commented Hartwig Löger, CEO of VIG.

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