Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental Impact & Sustainability Practices
• Gainful Employment
• Equal Opportunity, Diversity & Inclusion
• Data Protection & Customer Privacy
• Financial Performance
• Product & Service Information Labelling
• Employee Skills Development
• Digitalisation

Environmental Achievements

• 36% decrease in paper usage, saving 490,267 pages and 91.1 trees
• 200,028 policies issued digitally

Social Achievements

• Increased female representation in the workforce to 32%
• Supported various charitable organizations
• Increased Emiratization rate to 6%

Governance Achievements

• Introduced a new Code of Ethics and Conduct
• Updated Employee Handbook
• No fraud incidents recorded in 2021
• Implemented a robust Enterprise Risk Management framework
• Introduced a new AML policy

Climate Goals & Targets

Environmental Challenges

• Recoverability of premium and insurance balances receivable
• Unavailability of personnel
• Reduction in gross premium due to non-renewal of policies
• Provision for outstanding claims and claims incurred but not reported
• Fair value measurement of financial instruments and investment properties
• Climate change impacts on underwriting and investment activities

Mitigation Strategies

• Continuous monitoring of claims experience and pandemic developments
• Stress testing as required by the Central Bank of the UAE
• Gradual refurbishment plan with environmentally friendly materials
• Engaging with tenants to align with climate change plans
• Engaging with investee companies to embed ESG into their business models

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Rising sea levels
• Extreme weather incidents

Transition Risks

• Evolving legislation around environmental matters

Opportunities

• Introducing solutions that incentivize clients to adopt sustainable practices

Reporting Standards

Frameworks Used: GRI Standards (Core option), Dubai Financial Market’s (DFM) ESG metrics

Certifications: Null

Third-party Assurance: Company’s internal audit function; financial figures independently audited

UN Sustainable Development Goals

• SDG 1
• SDG 3
• SDG 5
• SDG 8
• SDG 13

Alignment with UAE National Agenda and UAE Centennial Plan 2071

Sustainable Products & Innovation

• COVID-19 travel insurance coverage

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Financial Performance
• Customer Service
• ESG Integration
• Digitalization
• Human Capital & Emiratization
• Brand Building
• Environmental Impact
• Community Support
• Data Protection & Customer Privacy
• Employee Skills Development
• Equal Opportunity, Diversity & Inclusion
• Governance & Business Ethics
• Climate Change

Environmental Achievements

• 22% reduction in GHG emission compared to the previous year
• Reduced paper printing by 36% or approximately 690,000 A4 pages every year
• Saved 65 trees in 2022 by recycling paper

Social Achievements

• Supported 6 local charities in the UAE
• 88% of procurement spends were on local suppliers
• Establishment of a Corporate Social Responsibility Framework
• 32% female presence in the workforce
• 6% Emiratization rate
• Implemented a new HRMS system

Governance Achievements

• Strengthened risk management framework
• Established a risk analysis committee
• Zero breaches of customer privacy in 2022
• Compliance with NESA and ADHICS regulations

Climate Goals & Targets

Environmental Challenges

• Volatile market conditions
• Climate change
• Potential impact of government measures aimed at reducing the energy and emissions footprint of buildings
• ESG considerations impacting investment decisions (real estate and bonds)

Mitigation Strategies

• Strengthened risk management framework
• Integration of ESG factors into business operations and investment practices
• Transition to a more sustainable workplace by reducing paper usage and waste production, improving energy and water efficiency
• Assessing the impact of real estate holdings on the environment and engaging with local authorities
• Assessing securities investments from a climate change perspective

Supply Chain Management

Supplier Audits: 96% of suppliers were local in 2022; 15% of new suppliers screened using environmental criteria

Responsible Procurement

• Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Government measures aimed at reducing the energy and emissions footprint of buildings

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: International Integrated Reporting Framework, GRI Standards 2021 Update, Dubai Financial Market’s (DFM) ESG metrics, Sustainable Development Goals

Certifications: Null

Third-party Assurance: Company’s internal audit function

UN Sustainable Development Goals

• SDG 1
• SDG 3
• SDG 5
• SDG 8
• SDG 13

Alliance aligns its activities with these SDGs through risk management, investment and financing, and operations and supply chain management.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Gainful Employment
• Equal Opportunity, Diversity & Inclusion
• Data Protection & Customer Privacy
• Financial Performance
• Product & Service Information Labelling
• Employee Skills Development
• Environmental Impact & Sustainability Practices
• Digitalization
• Climate Change
• Community Support
• Governance & Business Ethics
• ESG Integration into Analysis & Decision-Making

Environmental Achievements

• Reduced paper consumption through recycling and eco-friendly software; saved 255.43 trees in 2023 through paper recycling partnership with Shred-it; reduced carbon dioxide emission by 858.19 KG through plastic recycling partnership with Reloop; used organic pesticides for pest control.

Social Achievements

• Increased Emiratization rate to 11.43% in 2023; 33.47% of the workforce comprises female representatives, with 46.34% female making up the percentage of new hires; more than 95% of procurement spends is on local suppliers; 124 of 125 suppliers are SME owned; AED 200,000 invested in the community; 258 hours of volunteer work completed by employees; over 150% increase in training hours compared to the previous year; zero identified leaks, thefts, or losses of customer data.

Governance Achievements

• Established a robust governance structure; implemented stringent financial controls and risk management protocols; robust Enterprise Risk Management (ERM) framework; all employees are formally certified for compliance with the Ethics Policy; zero confirmed incidents of corruption; zero substantiated complaints concerning breaches of customer privacy and losses of customer data.

Climate Goals & Targets

Environmental Challenges

• Staff adaptation and resistance to change during digital transformation; security concerns during digital transformation; funding for community education programs; access and outreach for community programs; volunteer and staff recruitment for community programs; program design and adaptation for community programs; supply chain complexity in sustainable procurement; limited supplier capacity in sustainable procurement; cost considerations in sustainable procurement; lack of transparency in sustainable procurement; stakeholder engagement in sustainable procurement; intense competition, pricing pressures, and regulatory compliance costs in the UAE insurance sector; climate change impacts on underwriting and claims.

Mitigation Strategies

• Comprehensive needs assessment and staff training for digital transformation; robust security measures for digital transformation; systematic approach for community education programs (defining objectives, planning, budgeting, marketing, volunteer recruitment, collaboration with healthcare providers, monitoring and evaluation); prioritizing local suppliers, supporting SMEs, and engaging with women-owned businesses for sustainable procurement; diversifying product portfolios and expanding into new market segments; integrating climate risk assessments into risk management framework; robust Ethics Policy with anti-corruption measures; independent risk and compliance functions.

Supply Chain Management

Supplier Audits: 100% coverage in 2023 for social criteria

Responsible Procurement

• Prioritizing local suppliers; supporting SMEs; engaging with women-owned businesses; integrating environmental and social criteria into supplier evaluations.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Regulatory changes targeting energy consumption and emissions from buildings

Reporting Standards

Frameworks Used: International Integrated Reporting Framework, GRI Standards 2021 Update, Dubai Financial Market’s 32 ESG metrics, Sustainable Development Goals (SDGs)

Third-party Assurance: Company’s internal audit function

UN Sustainable Development Goals

• SDG 1
• SDG 3
• SDG 5
• SDG 8
• SDG 13

Alliance’s activities align with these SDGs through providing access to quality healthcare, promoting financial security, supporting gender equality, fostering sustainable economic growth, and addressing climate change risks.