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Details of the EU Taxonomy Regulation

The EU Taxonomy Regulation (EU Regulation 2020/852) classifies all economic activities in terms of their contribution to environmentally sustainable development. In the insurance sector a distinction is made between investments and non-life insurance or reinsurance. Helvetia's annual reports have covered taxonomy eligibility since 2021, and contained information on taxonomy alignment since 2023.

Investment activity

All assets under management were analysed. Data availability varied significantly from one asset class to another. Fund-linked assets attributable to customers' policies were included in the analysis, as was owner-occupied real estate.

The EU taxonomy metrics for our investments and explanations can be found in our sustainability report.

Non-life insurance

In order to review and determine taxonomy eligibility in non-life insurance, we considered the extent to which the non-life portfolios of market units met the requirement to cover climate-hazard risks set out in the Taxonomy Regulation. Products and revenue with cover failing to meet this requirement were excluded. Either the premium for the coverage of specific natural forces was used in the calculation, or the revenue share was estimated from the claims expectation for natural forces. This determined taxonomy-eligible sales per line of business, which, based on the criterion applied and the method of its calculation, is very dependent on the extent to which each line of business covers natural disasters.

Taxonomy alignment depends on the fulfilment of other criteria specified by the Taxonomy Regulation, which determine when an economic activity is considered environmentally sustainable. Helvetia has reviewed the criteria, but as there are still uncertainties regarding their interpretation and internal documentation is still in development, no group products are as yet being reported as taxonomy-aligned.

EU taxonomy metrics for our non-life business for each market unit at the level of IFRS product lines, together with explanations, can be found in our Sustainability Report.

Provision of claims data

One of the criteria for taxonomy alignment is that the authorities are provided with claims data free of charge and in the necessary granularity for analysis purposes, so that these data can be used to improve adaptation to global warming. Helvetia provides such data through the various associations and supervisory authorities, and is prepared to provide data not currently disclosed if it is useful to the authorities in this context.

Dealing with climate change risks

Another criterion is the public disclosure of how insurance activities take account of climate change risks. Details on dealing with climate change risks can be found under Sustainability Risk Management and in our Sustainability Report.