Climate Change Data

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Risk, Ethics and Compliance
• Digitalisation
• Talent Attraction and Retention
• Training and Development
• Diversity and Inclusion
• Health, Safety and Wellbeing
• Climate Change and Energy Management
• Water, Waste and Effluents
• Customer Experience
• Sustainable Procurement
• Bahrainisation
• Community Engagement

Environmental Achievements

• Reduced energy consumption by 9% compared to 2020
• Increased annual spending on climate-related infrastructure, resilience, and product development by 77%
• Donated plastic waste to the Bahrain Association for Parents and Friends of the Disabled
• Recycled 1130 kg of paper waste

Social Achievements

• Maintained employee turnover at 14%
• Provided enhanced salary scale and additional benefits and allowances
• Increased annual leave entitlements for supervisory level employees
• Total training hours of 3,100
• Average training hours per employee: 18 hours
• Bahrainisation rate increased to 77%
• Launched a Summer Internship Programme
• Community investment of BHD 42,918

Governance Achievements

• Zero whistleblowing cases and no misconduct reported
• Zero confirmed cases of corruption and grievances reported
• Established a dedicated ESG Committee
• Implemented an enhanced salary scale and provided additional benefits and allowances

Climate Goals & Targets

Environmental Challenges

• Consequences of COVID-19 (operational and financial impacts)
• Market risks related to long-term strategic asset allocations
• Bahrain’s market conditions

Mitigation Strategies

• Implemented measures to manage COVID-19 impacts, ensuring business continuity and employee safety
• Managed long-term strategic asset allocations focusing on high-yield government issues and well-established regulated equities
• Implemented appropriate measures to manage risks related to Bahrain’s market conditions

Supply Chain Management

Responsible Procurement

• Prioritising local suppliers (77% of procurement spending on local suppliers)

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Bahrain Bourse ESG Reporting Guidance, GRI standards, UN Sustainable Development Goals (SDGs), Bahrain Vision 2030

Environmental Metrics

ESG Focus Areas

• Sustainability
• Governance
• Disclosure

Social Achievements

• Launched several new products like Nmou, a special medical insurance product targeting the thriving Small and Medium-sized Enterprises (SME) sector by Bahrain National Life Assurance (bnl).
• Bahrain National Insurance (bni) launched several new and innovative products during 2022. These include the first “pay per mile” affordable car insurance product based on driver mileage, cover for emerging segments like Electric Cars and Food Trucks.

Governance Achievements

• Formation of an ESG committee and implementation of an ESG policy to improve accountability, transparency, and trust with stakeholders.
• Developed a 3-year ESG strategy which aligns with the four pillars of its ESG framework and focuses on three thematic areas related to insurance, governance, and disclosure.

Climate Goals & Targets

Environmental Challenges

• Rising cost pressures on transition to IFRS 17 and IFRS 9 accounting standards
• Volatile investment markets driven by US Federal Reserve actions, China's COVID lockdowns, and the Ukraine war.

Mitigation Strategies

• Two dry runs to test readiness for IFRS 17 and IFRS 9.
• De-risked the investment portfolio and parked proceeds in fixed deposits and local treasury bills.

Supply Chain Management

Climate-Related Risks & Opportunities

Sustainable Products & Innovation

• Pay-Per-Mile car insurance
• Food Truck insurance
• Reyada program for start-ups
• Nmou healthcare plan for SMEs