Munich Re
These companies are committed to leveraging shareholder or investor assets for net-zero emission goals and climate ambitions for GFANZ, Climate Action 100+, CERES, PCAF, UN PRI, NZLA, FIT, or HSCP.
Companies that offer so-called transgender healthcare for their employees and covered dependents.
Rating Overview
Rating Criteria
Rating Criteria Detail
Corporate Weaponization
Criteria:
Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.
Risk Level:
HighRationale:
Munich Re received a score of 85 on the 2026 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (1)(2)(3). Munich Re has target GHG emissions goals set for its investment and insurance portfolio; this includes diminishing the role of oil and gas, thermal coil, and Arctic energy exploration projects from its portfolio as well as a ban on new oil and gas projects (4)(5)(6). The company is a part of the UN Global Compact (UNGC), the Principles for Responsible Investment (PRI), and the UNEP FI Principles for Sustainable Insurance (PSI) (7)(8). Munich received a score of 85 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (9)(10).
Criteria:
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Risk Level:
HighRationale:
Munich’s HRC 2026 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2)(3). Munich Re will not donate to “religious organizations” (4)(5). Munich’s HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (6)(7).
Criteria:
Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.
Risk Level:
HighRationale:
Munich Re’s HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2). Munich offers unconscious bias education to its employees (3). Munich protects its employees against viewpoint discrimination (4).
Corporate Governance and Public Policy
Criteria:
Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.
Risk Level:
HighRationale:
Munich Re’s HRC 2026 CEI rating indicates the company potentially agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (1)(2)(3). Munich Re’s former CEO, Marc-Andre signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace, strategize on DEI programs/initiatives with other signatories, and engage boards of directors when developing and evaluating DEI strategies (4)(5). Munich Re was a member of the Net-Zero Insurance Alliance but withdrew from the Net-Zero Insurance Alliance in March 2023 (6)(7). The company is a member of Climate Action 100+, committed to carbon neutrality by 2050 (8)(9). In June 2025, Munich Re “[chose] to withdraw from a series of climate-focused industry coalitions, including the Net Zero Asset Owner Alliance (NZAOA), the Net Zero Asset Managers Initiative (NZAM), Climate Action 100+ (CA100+) and the Institutional Investors Group on Climate Change (IIGCC), citing legal and regulatory pressures and climate disclosure complexity. Despite exiting the climate groups, however, the firm reiterated that ‘climate protection remains an urgent priority for Munich Re,’ and that it will independently ‘continue to pursue our goal of contributing to the achievement of the Paris climate targets’” (10).
Criteria:
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
Risk Level:
MediumRationale:
Munich Re’s HRC 2026 CEI rating indicates the company has potentially pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (1)(2)(3)(4). Munich Re’s HRC 2025 CEI rating indicates the company provides a benefits package for employees which includes some transgender medical benefits for covered employees and dependents, including children. This may include paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (5)(6). Otherwise, Munich Re has not used corporate funds to advance ideological causes, organizations, or policies (7).
