Alte Leipziger is first user live on SimCorp’s new Taxonomy module to meet 2024 sustainability reporting requirements
May 19, 2023
SimCorp, a provider of investment management solutions, has announced that Alte Leipziger Lebensversicherung, a German life and pension company, is the first client to be live on its latest Taxonomy module.
The module has been developed to assist financial market participants with their corporate reporting obligations for 2024, in accordance with The EU Taxonomy Regulation.
The new regulation mandates that large financial market participants operating within the EU extend the scope of sustainability-related Key Performance Indicators (KPIs) in their annual report. These new disclosures allow investors and the public to assess the proportion of environmentally sustainable economic activities (Taxonomy-aligned activities) in their investments across all asset classes.
To comply with the new regulation, financial market participants subject to the Non-financial Reporting Directive (NFRD) are required to report on more than 100 KPIs, which must be included in annual financial statements for the financial year 2023, typically disclosed in 2024.
The Taxonomy module developed by SimCorp provides a solution to this challenge.
It enables insurers, pension funds, and asset managers to comply with the new legislation by using SimCorp’s pre-defined standards on their investment management platform, using data directly from their Investment Book of Record (IBOR) and utilizing the capabilities of SimCorp’s innovative ESG Book of Record (EBOR).
Alte Leipziger, the first client to go live with SimCorp's new Taxonomy module, recognizes the significance of the new sustainable reporting regulation.
"We are working towards making our investment portfolio climate-neutral by the end of 2050. In this context, the EU Taxonomy regulation provides more transparency, as more data will be available than before. However, this also significantly increases the effort required for our reporting. This new innovative solution enables us to meet the requirements while reducing manual work and operational risks," says Martin Rohm, Chief Investment and Finance Officer of Alte Leipziger.
SimCorp's Director and Head of ESG Product Management, Carl Balslev Clausen, emphasizes the importance of the new solution.
"The EU Taxonomy is a game-changer for life and pension companies operating within the EU due to the size and magnitude of the framework. Alte Leipziger quickly recognized that meeting the reporting requirements is a massive task. At the same time, they have provided valuable insights into developing the new solution and making sure that it meets the real needs of companies affected by the new reporting requirements," says Balslev Clausen.
More than 50 of the world’s largest financial institutions are now using SimCorp’s ESG and sustainable investment offering, which is a testament to the company's reputation and expertise in this field.
SimCorp offers industry-leading, integrated investment management solutions.
Our platform and ecosystem, comprising partners, services, and third-party connectivity empowers us to provide 40% of the world’s top 100 financial companies with the efficiency and flexibility needed to succeed.
For more information, see www.simcorp.com.
About Alte Leipziger Lebensversicherung
Alte Leipziger Lebensversicherung aG and Hallesche Krankenversicherung aG are the parent companies of the ALH Group. They form an equal group. Both companies have the legal form of mutual insurance associations (VVaG). With this legal form, the policyholders are also members and thus the sponsors of the companies. The VVaG guarantees the independence of our group of companies and thus the long-term stability of our business policy.
As a financial service provider that has been successful for many years, we offer our customers all products relating to insurance and finance. We have placed particular emphasis on the personal insurance business, specifically on the areas of life and health insurance. The range of products is optimally supplemented by property insurance and lucrative investment funds, home savings and construction financing products.
Søren Rathlou Top, Global PR & Communications Manager at SimCorp
+ 45 31 15 87 06