Climate Change Data

Environmental Metrics

ESG Focus Areas

• Sustainability
• Stakeholder Engagement
• Career Development
• Occupational Health & Safety
• Human Rights
• Diversity and Equal Opportunity

Social Achievements

• Career Talks at selected Universities (Niger Delta University, Wilberforce Island, and Bayelsa State)
• Improved manpower development in Insurance & actuarial science through Career Talks
• Emphasis on diversity and inclusion practices
• Equal opportunities for all employees

Governance Achievements

• Implementation of best practice standards of Corporate Governance
• Adherence to NAICOM Code, SEC Code, and Nigerian Stock Exchange Post Listing Rules
• Formal and transparent process for the selection and appointment of Directors
• Formal induction program for newly appointed Directors
• Periodic continuous training programs for Directors

Climate Goals & Targets

Environmental Challenges

• Decline in underwriting profit due to increased claims expenses
• Decline in Nigerian insurance sector gross premium income
• Regulatory driven insurance industry developments

Mitigation Strategies

• Refining strategy in line with industry changes
• Developing innovative products and alternative distribution channels
• Improving operational efficiency to reduce costs and achieve higher margins
• Deployment of online portal for selling motor insurance
• Repositioning retail products

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Natural disasters

Reporting Standards

Frameworks Used: National Insurance Commission Corporate Governance Code (NAICOM Code), Securities & Exchange Commission Corporate Governance Code (SEC Code), Nigerian Stock Exchange Post Listing Rules

Sustainable Products & Innovation

• Third Party Plus motor insurance
• Citadel Shield personal accident insurance
• Linkage SME Comprehensive
• Linkage Events Xclusive Insurance
• Linkage Shop Insurance
• Purple Motor Plan (women's motor insurance)
• Linkage Estate Insurance

Environmental Metrics

ESG Focus Areas

• Governance
• Customer Service
• Human Capital Development
• Environmental Protection

Environmental Achievements

• Implemented an electronic document management system to reduce paper use.
• Introduced a process for collecting and recycling used plastics.

Social Achievements

• Emphasized diversity and inclusion practices.
• Created an atmosphere of equal opportunities for employee growth.
• Provided adequate transportation and housing facilities for employees.
• Launched several retail products (Linkage Third Party Plus, Linkage SME Comprehensive, Citadel Shield, Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan, and Linkage Estate Insurance).

Governance Achievements

• Implemented policies and processes for best-in-class corporate governance.
• Implemented an Anti-Corruption Policy, Anti-Fraud Policy, and a code of ethics and conduct.
• Created a link on the website for anonymous reporting of fraud and unethical practices.
• Entrenched regulatory compliance as a cardinal pillar of operations.
• Established a dedicated customer care team.

Climate Goals & Targets

Environmental Challenges

• Increased claims expenses compared to 2017, leading to underwriting losses.
• Shortfall in investment income due to diminutions in capital market portfolios.
• Late passage of the 2018 budget, affecting public sector insurance.
• Low insurance penetration worsened by harsh economic realities.
• Large-scale industrial losses and growing costs of doing business.

Mitigation Strategies

• Refining strategy in line with industry changes.
• Developing innovative products and alternative distribution channels.
• Improving operational efficiency to reduce costs and achieve higher margins.
• Developing a reinsurance strategy to optimize risk appetite and cession strategy.
• Setting up a Digital Marketing Platform to increase revenue and brand awareness.
• Implementing a compressive quantitative and qualitative risk management process.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: National Insurance Commission Corporate Governance Code (NAICOM Code), Securities & Exchange Commission Corporate Governance Code (SEC Code), Nigerian Stock Exchange Post Listing Rules & Requirements

Sustainable Products & Innovation

• Linkage Third Party Plus
• Linkage SME Comprehensive
• Citadel Shield
• Linkage Events Xclusive Insurance
• Linkage Shop Insurance
• Purple Motor Plan
• Linkage Estate Insurance

Awards & Recognition

• Pearl sectorial leadership award in the insurance industry on corporate excellence in the capital market.

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Environmental Sustainability
• Occupational Health & Safety
• Corporate Social Responsibility

Environmental Achievements

• Implemented effective waste management infrastructure to minimize environmental impact
• Automated processes to reduce paper use
• Distributed drugs and other materials to flood victims

Social Achievements

• Provided medical supplies and relief materials to flood victims in Bayelsa State
• Provided branded exercise books to schools in Lagos, Bayelsa, and Abuja
• Established a dedicated customer service unit to improve customer experience
• Increased social media presence to reach customers in remote locations
• Launched several retail products (Linkage Third Party Plus, Linkage SME Comprehensive, Citadel Shield, Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan, Linkage Estate Insurance)

Governance Achievements

• Formal and transparent process for selection and appointment of directors
• Periodic review of organizational structure, policies, and processes to ensure alignment with company vision and mission
• Annual board evaluation carried out by a reputable external party
• Established Board Committees (Statutory Audit Committee, Finance, Investment & General Purpose Committee, Enterprise Risk Management & Governance Committee, Audit & Compliance Committee), and Executive Management Committees

Climate Goals & Targets

Environmental Challenges

• Difficult operating environment characterized by rising trade barriers, slow economic growth, reduction in interest rates, signing of ACFTA, 2019 National elections, and closure of land borders
• Falling interest rates
• 26% reduction in dividend from Stanbic IBTC Pension Managers Limited

Mitigation Strategies

• Improved underwriting and effective reinsurance arrangements to reduce net claims
• Recapitalization plan to meet regulatory requirements
• Engaging Stanbic IBTC Pension Managers Limited to dispose of part of its holdings in the company
• Consolidating ongoing initiatives to improve operational efficiency, reduce costs, improve business processes, eliminate waste, and achieve higher margins

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Natural disasters

Reporting Standards

Frameworks Used: NAICOM Code of Corporate Governance, SEC Code of Corporate Governance, Nigerian Stock Exchange Post Listing Rules & Requirements, IFRS

Sustainable Products & Innovation

• Retail products aimed at deepening insurance penetration

Environmental Metrics

ESG Focus Areas

• Environmental Sustainability
• Corporate Governance
• Business Practices
• Anti-Corruption
• Occupational Health & Safety
• Human Rights

Environmental Achievements

• Set up framework to promote protection of our local government, our effects include deliberate and targeted reduction of use of paper. We are developing a robust digital document management system that eliminate or drastic reduce the use of papers. We have also adopted a safe waste management and disposal system.

Social Achievements

• Made some financial contributions towards the 47th African Insurance Organization (AIO) conference; Donation to Down Syndrome Foundation Society of Nigeria (DSFN) to support children living with down syndrome; Designed retail products towards deepening insurance penetration in the country; invested in digital infrastructure to drive the retail arm of the business with specific focus on the need of individuals and small-scale businesses; committed in skill and competence development of our employees.

Governance Achievements

• Continuously refining our processes to ensure they align with both local and international best practice on corporate governance; robust corporate governance framework incorporates both local and international best practice; periodic review and benchmarking against the Codes of Corporate Governance and international best practice; developed a Complaints Management Policy Framework in compliance with the Securities & Exchange Commission's Rules.

Climate Goals & Targets

Environmental Challenges

• Harsh economic environment and associated uncertainties; huge claims experience and reinsurance expenses; fair value loss on Bond investment portfolio; dwindling purchasing power of many household and insecurity in most parts of the country; challenges and uncertainties that 2022 may unfold; war between Russia and Ukraine affecting marine insurance and commodity prices around the world.

Mitigation Strategies

• Refining strategy in line with political, economic, sociological and technological changes in the industry; developing innovative products, alternative channels of distributions and strategic initiatives; executing strategic initiatives in line with business pillars: Business Growth, Operational Excellence, Financial Excellence and Customers & People Excellence; commencing the first phase of digital transformation plan; brand renewal project; skill and competence development of employees; adequate and efficient reinsurance arrangements to protect shareholders' funds.

Supply Chain Management

Climate-Related Risks & Opportunities

Sustainable Products & Innovation

• Linkage Third Party Plus, Linkage SME Comprehensive, Citadel Shield, Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan, Linkage Estate Insurance, Livestock Insurance Solution, Multiperil Crop Insurance Solution, Fish Farm & Fisheries Insurance, Poultry Farm Insurance, Area Yield Index Insurance and Farm All Risk (Material Damage).