Zurich Scraps Impact-Investment Targets, to Invest 'As Much as Needed' for ESG Goals

By Maitane Sardon

Zurich Insurance Group AG aims to stop setting monetary targets for its impact investments and to start investing "as much as needed" to meet its climate and social goals, the company said Tuesday.

The Swiss insurance giant said it has fulfilled the $5 billion commitment to impact investing it announced in 2017 and has decided to just focus on achieving its pre-determined sustainability goals of avoiding five million metric tons of carbon dioxide equivalent annually and improving the lives of five million people a year.

Zurich said it has developed a methodology to measure impact across various asset classes.

"It makes sense for us to commit to invest as much as needed to fulfill our environmental and social goals, which remain unchanged," said Urban Angehrn, chief investment officer at Zurich Insurance Group.

As of September, Zurich said its $5.4 billion impact investment portfolio has helped avoid 2.9 million tons of CO2 equivalent emissions and improved the lives of four million people. The portfolio includes green and social bonds, commitments to eight private equity funds active in areas such as financial inclusion and private debt impact infrastructure investments such as wind or solar farms, Zurich said.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

November 17, 2020 06:05 ET (11:05 GMT)

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