Climate Change Data

Environmental Metrics

ESG Focus Areas

• Education
• Health
• Employee Well-being
• Goodwill
• Environment
• Entrepreneurial Development
• Youth Development
• Climate Action
• ESG standards

Environmental Achievements

• Procured new eco-friendly printers to reduce paper consumption
• Digitalization of internal processes to improve efficiency
• Partnered to provide alternative power supply (solar) to Air force Military School, Jos
• Installed eco-friendly cooling systems at new Lekki site

Social Achievements

• Sponsored events in educational institutions (Kings College Interhouse Sports)
• Organized excursions for students of Federal Polytechnic Offa
• Hosted summer camp students of Ha-Shem Academy
• Donated to Nigerian Red Cross Society
• Sponsored Ikoyi Club Tennis and Badminton tournaments
• Organized breast cancer awareness session for employees (Pink by AIICO)
• Provided free mammograms and breast scans to employees
• Celebrated Children's Day with autistic children and visited Heart of Gold Hospice
• Implemented Employee Wellness & Well-being pilot program
• Entrepreneurship Development Programme benefited 405 individuals
• AIICO Skill Acquisition Program (AIISAP) graduated 51 students

Governance Achievements

• Continuously reviewed corporate governance practices to align with SEC Code and NAICOM Code
• Conducted annual board appraisal by an Independent Consultant
• Established transparent process for selection and appointment of directors
• Implemented Directors' Orientation and Induction program
• Established Conflict of Interest Policy
• Established Corporate Governance Policy
• Established Securities Trading Policy
• Implemented Enterprise Risk Management (ERM) program

Climate Goals & Targets

Environmental Challenges

• Power supply challenges (addressed through solar power system partnership)
• ESG challenges that could affect sustainable operations (mitigated through dedicated Corporate Responsibility & Sustainability unit)

Mitigation Strategies

• Established Corporate Responsibility & Sustainability unit
• Implemented waste management process focusing on reduce, reuse, recycle
• Partnered to provide solar power to Air force Military School, Jos
• Installed eco-friendly cooling systems

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS, Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004, Financial Reporting Council of Nigeria Act, No. 6, 204, Insurance Act of Nigeria 2003, Pension Reform Act 2014, National Insurance Commission (NAICOM) policy guidelines and circulars, SEC Code, NAICOM Code, ISO 31000:2009, ISO 22301:2012

Certifications: ISO 22301:2012 (Business Continuity Management System)

Third-party Assurance: Ernst & Young

UN Sustainable Development Goals

• Goal 3 – Good health & Wellbeing
• Goal 4 – Quality Education
• Goal 8 – Decent work & Economic Growth
• Goal 12 – Responsible Consumption & Production
• Goal 13 – Climate Action

CSR initiatives aligned with these SDGs

Environmental Metrics

ESG Focus Areas

• Community Investment
• Employee Well-being
• Diversity & Inclusion
• Environmental Sustainability
• Responsible Business Practices

Environmental Achievements

• Commenced plastic recycling (temporarily paused due to lockdown)
• Implemented waste management process focusing on reduce, reuse, recycle

Social Achievements

• Donated over 10,000 reusable facemasks
• Donated post-delivery hygiene kits to 150 new mothers
• Sponsored IHC tests for 50 women diagnosed with breast cancer
• Provided food for impoverished communities during lockdown
• Donated a borehole to The Vine Heritage Home
• Offered support services to employees with metastatic breast cancer
• Conducted ESG training for third-party risk surveyors and underwriters
• Implemented Entrepreneurship Development Programme benefiting 591 individuals
• Held masterclass on 'Women's Visibility in the Workplace' for 150 female employees and agents
• Ran AIICO Skill Acquisition Program (AIISAP) for 48 students
• Organized 'Youth Empowerment for Sustainable Agricultural Drive' for over 3,000 young farmers
• Launched Reward and Recognition Programme
• Launched Learning Management System (Knowledge Hub) with 55.3% staff engagement
• Supported almost 40% of workforce in acquiring professional certifications
• Launched Graduate Trainee Programme with over 3000 applications
• Provided mental wellness and therapy sessions to employees

Governance Achievements

• Maintained ISO 22301 accreditation for business continuity
• Commenced implementation of ISO 27001 Information Security Management System
• Established a transparent process for the selection and appointment of directors
• Conducted annual Board Evaluation and Corporate Governance Assessment
• Implemented a Complaints Management Policy
• Adopted a code of conduct regarding securities transactions by directors

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic and resulting disruptions
• Lower-than-expected profits in Life business due to higher reserving requirements/low yields
• Pricing pressures in General Insurance due to pandemic's impact on customer disposable income
• Major claims in Fire and Special Oil product lines in General Insurance
• Decline in HMO business due to price pressure
• Low interest rate environment making annuities expensive
• Increased competition in the insurance industry
• IFRS 17 implementation

Mitigation Strategies

• Operational resilience and business continuity plans
• Transitioned employees to teleworking
• Investment in agency force, restructured product mix, value-driven partnerships in Life business
• Cost containment measures in General Insurance
• Improved investment performance in General Insurance
• Improved actuarial and capital management capabilities
• Investing in digital technologies (RPA, AI chatbot, new website, mobile sales platform)
• Creation of a steering committee to oversee IFRS 17 implementation

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Sustainability reporting standards

Certifications: ISO 22301 (Business Continuity Management System)

UN Sustainable Development Goals

• Goal 1 - No Poverty
• Goal 2 - Zero Hunger
• Goal 3 - Good health & Wellbeing
• Goal 4 - Quality Education
• Goal 8 - Decent work & Economic Growth
• Goal 5 - Gender Equality
• Goal 12 - Responsible Consumption & Production
• Goal 13 - Climate Action

CSR initiatives designed to support and contribute towards achieving these goals