Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Worked continuously to reduce the use of paper in all processes. Promoted a corporate culture of protecting the natural environment among employees.

Social Achievements

• Engaged with communities on healthful living efforts by raising Thai people’s awareness of the benefits of good health and continually seeking to improve Thais’ quality of life. Collaborated with Eisai (Thailand) Marketing Company Limited to develop innovative care for early-stage Alzheimer’s patients and to promote a better understanding of the prevention of Alzheimer’s disease and dementia.

Governance Achievements

• Made good corporate governance an ongoing priority. Operated transparently under its Anti-Corruption Policy. Reviewed and revised the Code of Conduct and relevant policies. Set up whistleblowing channels and required internal units/functions to manage fraud risk. Revised policies and procedures in accordance with changes to regulators’ rules and requirements (Guidelines and Rules Concerning the Issuance and Offering of Life Insurance Policies by Life Insurance Companies; Criteria for Approval of Insurance Application Form and Wording; Personal Data Protection Act (PDPA)).

Climate Goals & Targets

Environmental Challenges

• Inflation rate affected the purchasing power of target customers. Pandemic situation affected the organization of off-site marketing activities. Volatility of interest rates and investment trends necessitated businesses to adapt product strategies to ensure appropriateness and maintain financial stability. Improper/fraudulent health claims risks, pandemic risks such as COVID-19, and cyber-attack risks.
• Interest rate rising and current capital market risks.

Mitigation Strategies

• Focus on selling life insurance products that do not depend on interest rates to reduce the risk of interest rate fluctuations. Closely monitoring market conditions and reducing the proportion of investment in common stocks. Developed control measures to prevent and address significant risks. Investing in assets close to the duration of the life insurance policy to protect against the risk of loss and generate good returns. Reducing the proportion of investment in common stocks. Implementing FX hedging to protect against foreign exchange risk.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Global Reporting Initiative Standards

Sustainable Products & Innovation

• Thai Life Insurance Health Fit Bao Bao

Environmental Metrics

ESG Focus Areas

• Economic/Corporate Governance
• Social
• Environmental

Environmental Achievements

• Participated in the Special Campaign EV/HEV Car project with Toyota Leasing to support the use of energy-efficient and environmentally friendly vehicles.
• Joined the “Care the Whale” project initiated by the Stock Exchange of Thailand to promote waste reduction efforts.
• Aimed to become a green organisation or Green Building.

Social Achievements

• Dedicated to creating opportunities for accessing products and financial services.
• Provided financial knowledge and life insurance education to customers and the public through the Creating Shared Value (CSV) projects “Thai Life Insurance Enhancing Sustainable Opportunities” and “Thai Life Insurance Enhancing Opportunities for Career Development”.
• Elevated the awareness of sustainable business practices among business partners through seminars on “Sustainable Procurement”.

Governance Achievements

• Operated with transparency under the Anti-Bribery and Anti-Corruption Policy.
• Established channels for whistleblowing and designated internal units with roles in managing corruption-related risks.
• Received an “excellent” rating for corporate governance evaluation for the fiscal year 2023 and was honored with the Thailand Corporate Excellence Awards 2023 in the category of product and service excellence.

Climate Goals & Targets

Environmental Challenges

• Sluggish export values, reductions in government spending, and slow recovery in the tourism sector impacting overall economic growth and investor confidence.
• Uncertain economic situation in Thailand and the global economy, as well as risks associated with fluctuations in the rate of return on investment impacting the life insurance business.
• Cyber Risk
• Financial Risk

Mitigation Strategies

• Shifting the product mix by focusing on selling products that enhance the value of new business.
• Maintaining a strong financial position with a Capital Adequacy Ratio or CAR of 398%.
• Added cyber risk scenarios that may occur to the Business Continuity Plan (BCP).
• Maintained financial stability and long-term competitive advantage amidst challenging conditions. Strong liquidity and ability to manage debt or future liabilities.

Supply Chain Management

Responsible Procurement

• Sustainable Procurement seminars for business partners

Climate-Related Risks & Opportunities

Sustainable Products & Innovation

• Thai Life Insurance Prompt Pay CI 108 (Alzheimer's coverage)
• Thai Life Insurance - Health Fit Multi Pay Cancer (cancer riders)

Awards & Recognition

• Brand of the Year (7th consecutive year)
• Most Innovative Life Insurance Company – Thailand 2023
• Thailand Corporate Excellence Awards 2023 (product and service excellence)