INTRODUCTION PROMOTING CLIMATE RESILIENCE CLOSING THE PROTECTION GAP INDUCING POSITIVE SOCIETAL CHANGE GOVERNANCE APPENDIX Industry Collaboration and Innovative Products We support innovative products that align with our core values, including those that increase the scaling and de-risking of solutions to facilitate the transition to a climate-resilient future. By participating in industry groups, such as ClimateWise, we seek to promote and advance sustainable underwriting practices that align with the principles of the UNEP FI PSI, to further contribute to the industry’s transition toward a more sustainable future. We are pleased to be a core reinsurance partner for AXA Climate. Together, we aim to protect businesses, vulnerable populations and natural ecosystems against weather and climate volatility, while supporting sustainable development goals related to climate and the environment. AXA Climate’s solutions address sustainability issues and attract alternative capital to support the growth of insurance, de-risking transition challenges related to climate and environment. We offer underwriting capacity for Kita’s pioneering Carbon Purchase Protection Cover in collaboration with Chaucer and Munich Re Syndicate, providing crucial protection to buyers of forward-purchased carbon credits The insurance and reinsurance industry against delivery risk. By bridging a significant protection gap, we support plays an important role in managing Kita’s aims to increase buyer trust in carbon delivery, enabling greater flows climate risk while helping facilitate the of capital to scale carbon sequestration projects which may contribute to the transition to a lower-carbon economy. measures aimed at addressing the pressing challenge of climate change. In 2022, our President and CEO, Kevin O’Donnell, assumed the position We offer reinsurance for Redicova, a parametric product sponsored of Chair of ClimateWise, a global network by Beazley, and supported by certain Syndicate members of Lloyd’s of insurance companies committed Disaster Risk Facility (DRF). Redicova uses advanced data to process to reducing the impact of claims based on windspeed indices, providing quick financial relief to climate change. communities affected by severe tropical cyclones in Northern Australia and bridging the gap between economic and insured losses for individuals, small to medium businesses, and agricultural enterprises. We are honored to be working alongside Chaucer, as well as Munich Re Syndicate and RenaissanceRe, to bring Carbon Purchase Protection Cover to the market. To prevent the worst impacts of climate change, we must remove gigatons of CO from the atmosphere annually. This is a mammoth task, and it requires de-risking and access to 2 capital for carbon sequestration solutions. Natalia Dorfman, CEO and co-founder of Kita 17