Focusing on the sustainability topics most relevant to our business. In 2020, Ageas conducted a detailed Materiality Assessment to determine the sustainability topics most relevant to our business. The results of the materiality assessment will inform our new strategy, Impact24 and increase transparency for stakeholders. The consultations took place during the global Covid-19 pandemic, so it was no surprise that two topics - Financial Resilience and Responsible Governance - ranked highest from both a stakeholder and management perspective. For an insurance company, solid financial performance, strong and reliable governance and continuously anticipating societal challenges, in both insurance and investments, is crucial to fulfil all stakeholders’ needs.

Ageas has connected the material topics to the six capitals of the International Integrated Reporting Council (IIRC), as included in Ageas’s business model, and the United Nations Sustainable Development Goals (SDGs) selected by Ageas. The overview clearly demonstrates the use of the IR capitals and confirms that Ageas realises the biggest impact on the selected SDG’s.

Process

The materiality assessment consisted of three large phases which took place between February and September 2020. Ageas was supported throughout the materiality assessment by an external advisor.

Phase 1 - define list of topicsIn depth desktop study, including:

• Documentation from internationally recognised sustainability standards and organisations

• ESG ratings

• Reports of peers and media articles

Analysis to define a list of relevant topics for Ageas. Ageas’ OpCos were involved to help ensure the list of topics was representative for all geographical areas in which Ageas is active.

Phase 2 - prioritise the relevant topics, with stakeholders and managementConsultation with:

• Executive Committee and Board of Directors

• OpCo CEOs and HR managers (UK, Belgium, Asia, Continental Europe)

• Employees

• Investors

• Society

• Business Partners

Methodology:

• Online survey, with 1,234 respondents (response rate of 54%)

• In-depth interviews (22) with stakeholders, members of management and the Board of Directors

Phase 3 - analysis and mapping

• Consolidated materiality matrix for the entire Ageas Group (as presented above).

• Additional individual matrices built for each OpCo.

• Validated by the Executive Committee and the Board of Directors.