In Germany alone, we recorded the biggest flooding losses for the insurance industry in years! Against this background, your company doubled down on its efforts to grow sustainable value for our customers, our employees and you, our shareholders. And hence, most of our financial performance indicators improved strongly. These results were driven by a strong performance across all our businesses.
In our Property-Casualty business, we generated solid revenues of Moreover, the combined ratio in the business improved by 2. We have thus been able to free ourselves from the negative effects of the ultra-low interest rate policy in the eurozone.
This score has significantly and steadily improved over the last five years. We were once again named the No. Going forward, our focus must now be to achieve Loyalty Leadership across our franchise and to harness the corresponding economic benefits systematically. Market-leading customer satisfaction is at the heart of sustainable business success and hence our top-most priority. The strong commitment towards our employees is also paying off. The results of our latest Allianz employee survey show that we have been able to maintain the trust and commitment of our workforce.
Our compelling people scores also reflect our strong engagement in diversity and inclusion, a key to unlocking organizational performance. Companies that deliver are reaping the rewards. Our research shows that companies who forged strong bonds with their employees have seen lower levels of turnover and higher returns through the pandemic.
Turnover drives up expenses, drives down productivity, and erodes culture and corporate memory. CEOs need to be asking themselves whether they are creating an environment that helps them compete for talent. At BlackRock we are doing the same: working with our own employees to navigate this new world of work.
Creating that environment is more complex than ever and reaches beyond issues of pay and flexibility. In addition to upending our relationship with where we physically work, the pandemic also shone a light on issues like racial equity, childcare, and mental health — and revealed the gap between generational expectations at work. These themes are now center stage for CEOs, who must be thoughtful about how they use their voice and connect on social issues important to their employees. At BlackRock, we want to understand how this trend is impacting your industry and your company.
What are you doing to deepen the bond with your employees? How are you ensuring that employees of all backgrounds feel safe enough to maximize their creativity, innovation, and productivity? How are you ensuring your board has the right oversight of these critical issues? Where and how we work will never be the same as it was. New sources of capital fueling market disruption Over the past four decades, we have seen an explosion in the availability of capital.
Young, innovative companies have never had easier access to capital. Never has there been more money available for new ideas to become reality. This is fueling a dynamic landscape of innovation. It means that virtually every sector has an abundance of disruptive startups trying to topple market leaders. CEOs of established companies need to understand this changing landscape and the diversity of available capital if they want to stay competitive in the face of smaller, more nimble businesses.
BlackRock wants to see the companies we invest in for our clients evolve and grow so that they generate attractive returns for decades to come. As long-term investors, we are committed to working with companies from all industries. Capital markets have allowed companies and countries to flourish. But access to capital is not a right. It is a privilege. And the duty to attract that capital in a responsible and sustainable way lies with you.
Capitalism and sustainability Most stakeholders — from shareholders, to employees, to customers, to communities, and regulators — now expect companies to play a role in decarbonizing the global economy. Few things will impact capital allocation decisions — and thereby the long-term value of your company — more than how effectively you navigate the global energy transition in the years ahead.
And in that short period, we have seen a tectonic shift of capital. This is just the beginning — the tectonic shift towards sustainable investing is still accelerating. Whether it is capital being deployed into new ventures focused on energy innovation, or capital transferring from traditional indexes into more customized portfolios and products, we will see more money in motion.
Every company and every industry will be transformed by the transition to a net zero world. The question is, will you lead, or will you be led? In a few short years, we have all watched innovators reimagine the auto industry. And today, every car manufacturer is racing toward an electric future. The auto industry, however, is merely on the leading edge — every sector will be transformed by new, sustainable technology.
Engineers and scientists are working around the clock on how to decarbonize cement, steel, and plastics; shipping, trucking, and aviation; agriculture, energy, and construction. I believe the decarbonizing of the global economy is going to create the greatest investment opportunity of our lifetime. They risk losing jobs, even as other places gain them.
The decarbonization of the economy will be accompanied by enormous job creation for those that engage in the necessary long-term planning. We need to be honest about the fact that green products often come at a higher cost today. Bringing down this green premium will be essential for an orderly and just transition.
With the unprecedented amount of capital looking for new ideas, incumbents need to be clear about their pathway succeeding in a net zero economy. Bold incumbents can and must do it too. Indeed, many incumbents have an advantage in capital, market knowledge, and technical expertise on the global scale required for the disruption ahead.
Our question to these companies is: what are you doing to disrupt your business? How are you preparing for and participating in the net zero transition? As your industry gets transformed by the energy transition, will you go the way of the dodo, or will you be a phoenix? We focus on sustainability not because we're environmentalists, but because we are capitalists and fiduciaries to our clients.
That requires understanding how companies are adjusting their businesses for the massive changes the economy is undergoing. As part of that focus, we are asking companies to set short-, medium-, and long-term targets for greenhouse gas reductions. These targets, and the quality of plans to meet them, are critical to the long-term economic interests of your shareholders.
The transition to net zero is already uneven with different parts of the global economy moving at different speeds. It will not happen overnight. We need to pass through shades of brown to shades of green. For example, to ensure continuity of affordable energy supplies during the transition, traditional fossil fuels like natural gas will play an important role both for power generation and heating in certain regions, as well as for the production of hydrogen.
The pace of change will be very different in developing and developed countries. But all markets will require unprecedented investment in decarbonization technology. We need transformative discoveries on a level with the electric light bulb, and we need to foster investment in them so that they are scalable and affordable.
As we pursue these ambitious goals - which will take time - governments and companies must ensure that people continue to have access to reliable and affordable energy sources. This is the only way we will create a green economy that is fair and just and avoid societal discord. And any plan that focuses solely on limiting supply and fails to address demand for hydrocarbons will drive up energy prices for those who can least afford it, resulting in greater polarization around climate change and eroding progress.
Divesting from entire sectors — or simply passing carbon-intensive assets from public markets to private markets — will not get the world to net zero. And BlackRock does not pursue divestment from oil and gas companies as a policy. We do have some clients who choose to divest their assets while other clients reject that approach. Foresighted companies across a wide range of carbon intensive sectors are transforming their businesses, and their actions are a critical part of decarbonization.
We believe the companies leading the transition present a vital investment opportunity for our clients and driving capital towards these phoenixes will be essential to achieving a net zero world. Capitalism has the power to shape society and act as a powerful catalyst for change. That will not be a good outcome for society.
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