Climate Change Data

Environmental Metrics

ESG Focus Areas

• Communities
• Our People
• Responsible Business Practices

Environmental Achievements

• 20% reduction in energy consumption in Singapore due to air-conditioning upgrades and LED lighting.
• 5.22% decrease in overall electricity consumption in 2019 through various initiatives.

Social Achievements

• Launched various insurance products to increase financial inclusion in Malaysia and Indonesia.
• Provided a S$1 million support package in Singapore to help customers affected by COVID-19, and additional support in Malaysia and Brunei.
• Contributed S$200,000 to vulnerable communities in Singapore through the Courage Fund.

Governance Achievements

• Established a Sustainability Steering Committee to oversee sustainability efforts.
• Implemented a comprehensive cyber risk roadmap to improve resilience to cyber threats.
• Enhanced online platforms to offer more direct interaction with customers.

Climate Goals & Targets

Environmental Challenges

• Increasing cyber risks
• Need to further reduce carbon footprint
• Maintaining high standards of customer service while increasing digital engagement.

Mitigation Strategies

• Investing in people, systems, and processes to improve cyber security resilience.
• Implementing initiatives to reduce energy consumption and improve energy efficiency.
• Enhancing online platforms and digital capabilities to improve customer experience.

Supply Chain Management

Responsible Procurement

• Procuring from local suppliers to support local economies.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards: Core Option, Singapore Exchange Sustainability Reporting guidelines

Awards & Recognition

• Investors’ Choice Award – Most Transparent Company Award

Environmental Metrics

ESG Focus Areas

• Climate Change
• Financial Inclusion
• Responsible Investing
• Employee Well-being
• Robust Governance

Environmental Achievements

• Reduced operational emissions (per FTE) by 20% from 2019 to 2021
• Achieved 32% reduction in electricity consumption at Great Eastern @ Changi (equivalent to 347 tCO2e per annum)
• 39% paper reduction from 2019 baseline (45% from 2018 peak)

Social Achievements

• Provided more than S$8 million to protect residents in Singapore and Malaysia from possible effects of COVID-19 vaccine
• Launched GREAT COVID Care Plan offering free post-vaccination protection to all Singapore residents
• Offered flexibility to customers in accessing policy and claim information online
• Provided cover for over 5 million beneficiaries in B40 in Malaysia through financial inclusion schemes
• Launched tele-mental wellness consultation in Singapore
• Partnered with SNTC to offer low-cost protection for parents of children with special needs

Governance Achievements

• 100% completion of mandatory staff training in Fraud Risk Management, Whistle-blowing, Insider Trading and Anti-Money Laundering/Countering the Financing of Terrorism
• Established Supplier Code of Conduct with zero tolerance on bribery and corruption
• Achieved 100% of Great Eastern Singapore’s external managers having an ESG policy in place

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impact
• Climate change impact on insurance business
• Data quality and availability challenges in fixed income portfolio ESG measurement
• Managing environmental risks due to uncertainties and magnitude of impact

Mitigation Strategies

• Launched GREAT Vaccine Fund and other COVID-19 support initiatives
• Established ESG Taskforce to design and implement ESG strategy across General Insurance business
• Implemented ESG as mandatory due diligence criteria in scoring external fund managers
• Engaging with regulators and reinsurers, tracking research to understand climate change impact

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather (implied from Malaysia flood response)

Transition Risks

• Regulatory changes (implied from General Insurance ESG Taskforce)
• Market shifts (implied from sustainable investing initiatives)

Opportunities

• Development of energy-efficient products and services (implied from Great Green SP)
• Investment in low-carbon transition technologies

Reporting Standards

Frameworks Used: GRI Standards

Certifications: ISO 27001, Data Protection Trustmark Certification, APEC Cross-Border Privacy Rules Certification

Sustainable Products & Innovation

• GREAT Green SP

Awards & Recognition

• Green Mark Platinum (Great Eastern @ Changi)
• Green Mark Gold (Orchard Gateway @ Emerald)
• Inspire Award (IBF)

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Reduced the intensity of carbon emission from operations by 20% (2019 baseline)
• Added more than S$3 billion to ESG mandates and investments, on track to reduce equity portfolio’s carbon footprint by 20% by 2025
• Achieved a 20% reduction in emissions intensity per full-time employee (tCO2e/FTE).
• Estate relamping saves 332,537kWh per year
• 97% of partners and vendors attested to the Supplier Code of Conduct (exceeding the target of 75%).

Social Achievements

• Launched the “We are Okay” campaign to support employees’ mental wellness.
• Contributed S$327,253 to the community through fundraising initiatives.
• Supported a sustainable schools initiative involving over 11,000 secondary school students.
• Participated in the Platform Workers Work Injury Compensation Network (PWIN).

Governance Achievements

• Established four task forces to drive specific sustainability strategies: Product Development, Net Zero, Community and Culture, and Regulation, Risk Management and Disclosure.
• Awarded the Excellence in Data Transformation Award for its data management and governance strategy.
• 60 Excellence Service Award winners, with more than half receiving top honours in the Star Category.

Climate Goals & Targets

Environmental Challenges

• Political risk, economic uncertainty, divided societies and rising occurrence of climate-related disasters.

Mitigation Strategies

• Adapting approach to the fast-changing external environment while maintaining focus on customer satisfaction and sustained business growth.
• Formalised stewardship and engagement guidelines, actively engaging top emitters in portfolio and those with poor ESG scores.
• Implementing a new Environmental Risk Management policy.

Supply Chain Management

Supplier Audits: 97% of partners and vendors attested to the Supplier Code of Conduct (2022)

Responsible Procurement

• Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks

• Severe weather events such as flooding, droughts and storms

Transition Risks

• Changes in asset values, supply chain disruptions, economic impact on corporations

Opportunities

• Development of energy-efficient products and services (implied)

Reporting Standards

Frameworks Used: GRI Standards 2021, SGX Listing Rules 711A and 711B, TCFD

Certifications: Data Protection Trustmark Certification, APEC Cross-Border Privacy Rules Certification

Awards & Recognition

• Adviser’s Initiative of the Year and Education Insurance Initiative of the Year at the 7th Insurance Asia Awards
• Technology Excellence Awards Fintech – Life Insurance at the 4th Singapore Business Review Technology Excellence Awards
• Excellence in Data Transformation Award by Informatica
• Malaysia’s Best Takaful Operator 2022 by Global Business Outlook

Environmental Metrics

ESG Focus Areas

• Climate Change
• Responsible Financing
• Sustainable Financial Solutions
• Community Development
• Talent Management and Wellbeing
• Workplace Diversity
• Cybersecurity and Data Protection
• Fair Dealing
• Financial Crime Prevention
• Governance and Culture

Environmental Achievements

• Reduced the carbon footprint of our listed equity portfolio by 22.2% and corporate bond portfolio by 40.5% (baseline year: 2020)
• Reduced total operational emissions intensity (tCO2e/Full-Time Employee) by 25% (baseline year: 2019)
• Launched GREAT EV Protect insurance for electric vehicles
• Transited c. S$200mn of developed markets listed equity portfolio to climate mandate and added close to S$900mn in green bonds and impact/decarbonisation private equity
• Conducted 242 engagements with corporates on ESG issues
• 19% year-on-year reduction in paper usage due to digitization efforts

Social Achievements

• Provided a safety net for individuals and families through the Dependants’ Protection Scheme (DPS) with over two million policyholders and S$143bn total coverage
• Introduced low-cost GoGreat Term Life insurance to increase DPS coverage
• Partnered with SNTC to offer a term life plan for parents of children with special needs
• Administered mySalam, a Malaysian health protection scheme, benefiting 1.2 million policyholders and paying out RM659mn in claims
• Employees contributed 5,359 volunteering hours and financial representatives participated in over 40 community events
• Maintained over 80% participation rate in the Great Eastern LIFE Programme for employee wellbeing
• Great Eastern Women’s Run 2023 had over 9,000 participants and raised S$260,000 for charity

Governance Achievements

• Incorporated Artificial Intelligence (AI) into the Anti-Money Laundering (AML) framework
• Received the Education Insurance Initiative of the Year award at the 2023 Insurance Asia Awards

Climate Goals & Targets

Environmental Challenges

• Transition risks from changes in asset values, regulatory changes, and market disruptions
• Physical risks from extreme weather patterns
• Market volatility impacting emission numbers due to mark-to-market investments and currency fluctuations

Mitigation Strategies

• Two-pronged approach to Net Zero by 2050: reducing investment portfolio carbon footprint and supporting companies in transition
• Active engagement with top emitters and ESG laggards through Lion Global Investors (LGI)
• Collaboration through Asia Investor Group for Climate Change (AIGCC)
• Developing sustainable insurance products (e.g., GREAT EV Protect)
• Investing in operational infrastructure enhancements for energy efficiency
• Implementing robust AML/CFT controls and using AI for enhanced risk management
• Establishing a Group Fraud Risk Management Policy

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct
• Environmental considerations in Third Party Risk Management (TPRM)

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather patterns

Transition Risks

• Changes in asset values
• Regulatory changes
• Market disruptions

Opportunities

• Development of sustainable insurance products and investments

Reporting Standards

Frameworks Used: GRI Standards, Singapore Exchange (SGX) requirements, TCFD recommendations

Certifications: Data Protection Trustmark (DPTM), Cross Border Privacy Rules (CBPR)

Third-party Assurance: PricewaterhouseCoopers LLP

Sustainable Products & Innovation

• GREAT EV Protect
• GoGreat Term Life insurance
• ESG-focused ILP funds

Awards & Recognition

• Education Insurance Initiative of the Year (2023)
• Digital Transformation Initiative Award (2023)
• Most Engaged Workplaces in Singapore (2023)
• Best Companies to Work For in Asia (2023)
• Most Active Employer of the Year (2023)
• Top Insurance Employers of 2023
• Best Recruitment Referral System (2023)
• Excellence in Total Rewards Strategy (2023)
• Value-Based Intermediation Takaful (VBIT) Award (2023)
• MSF Community Cares Award (2023)
• Insurance Asia Award 2023 – ESG Initiative of the Year (Indonesia)