Climate Change Data

Max Financial Services Limited and Max Life Insurance Company Limited

Climate Impact & Sustainability Data (2021-04 to 2022-03, 2022-04 to 2023-03, 2023-04 to 2024-03)

Reporting Period: 2021-04 to 2022-03

Environmental Metrics

Total Carbon Emissions:6,202 tCO2e*
Scope 1 Emissions:234 tCO2e*
Scope 2 Emissions:5,968 tCO2e*

ESG Focus Areas

  • Financial responsibility
  • Green operations
  • Care for people and community
  • Work ethically and sustainably

Environmental Achievements

  • 30 KLD Water recycled
  • 100% Tap sensors and water aerator installation across facilities
  • 2% Estimated energy reduction pan India
  • 81,378 Kg plastic eliminated
  • 18,084 litres fuel saved
  • 537 tonne of CO2 reduced
  • 42,000 Saplings planted
  • 4.5 Kms Road adopted for plantation
  • 65,000 Water nozzles distributed
  • 70% Reduction in water usage

Social Achievements

  • 95% Engagement scores
  • Launched InstaClaim initiative, settling 51,815 death claims worth ₹2,760 Crores (30% within a day)
  • Claims paid ratio of 99.34%
  • Ranked 18th amongst ‘India’s Best Companies to Work For’ in 2021
  • Recognised among the top 30 Best Workplaces in BFSI
  • ₹8.40 Crore CSR expenditure
  • 1.5 Lakh Beneficiaries across the country
  • 45% of sales agents are women (highest in India’s life insurance sector)
  • 25% women in workforce
  • Various initiatives for employee well-being and safety (counselling, HealthifySmart, etc.)
  • Launched the ‘Max Life Sustainable Equity Fund’
  • First life insurance company to offer a product to homemakers
  • Added ‘Transgender’ as an option on customer website

Governance Achievements

  • 50% Independent directors in Max Financial Services Limited
  • ~30% Independent directors in Max Life Insurance Board
  • Robust corporate governance framework implemented
  • Board-approved policies (Business Code of Conduct, Anti-Bribery, etc.)
  • Established grievance redressal mechanism
  • Ethics hotline maintained by an independent partner
  • ISO 27001 (Information Security) and ISO 22301 (Business Continuity) certifications

Climate Goals & Targets

Medium-term Goals:
  • Reduce CO2 emissions by 80% by FY28
  • Increase gender diversity to 30% by FY25
  • Digitally enable 90% of self-servicing operations by FY25
  • Improve digital learning hours by ~3X by FY25
  • 100% ESG integration in equity investment research and decision-making by FY23
Short-term Goals:
  • Reduce single-use plastic by 1000 kg in FY23
  • Replace 200 TR ACs in FY22 and 500 TR ACs in FY23

Environmental Challenges

  • COVID-19 pandemic impact on growth and investment income
  • Higher-than-expected claims across segments
  • Cybersecurity risks
  • Water stress in certain regions of India
Mitigation Strategies
  • Incorporated ESG factors into asset allocation and risk decisions
  • Implemented InstaClaim initiative to expedite claim settlements
  • Strengthened cybersecurity governance and deployed advanced technologies
  • Water recycling and conservation measures (tap sensors, water aerators, STP)
  • Developed alternative sourcing strategies (Not explicitly mentioned but implied through various initiatives)

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards, UN SDGs

Certifications: ISO 27001, ISO 22301

Sustainable Products & Innovation

  • Max Life Sustainable Equity Fund
  • Saral Jeevan Beema
  • Saral Pension Plan
  • Smart Secure Plus Plan

Awards & Recognition

  • Numerous awards listed in the report (refer to page 100-101)

Reporting Period: 2022-04 to 2023-03

Environmental Metrics

Total Carbon Emissions:10,701.35 tCO2e (Scope 1 and 2 combined)
Scope 1 Emissions:265.64 tCO2e
Scope 2 Emissions:10,647.98 tCO2e
Waste Generated:16,489.5 kg (battery and e-waste combined)

ESG Focus Areas

  • Financial Responsibility
  • Ethical and Sustainable Work Practices
  • Community and Employee Well-being
  • Environmentally Conscious Operations

Environmental Achievements

  • Replaced 500 tons of air conditioners with energy-efficient versions
  • Planted 98,786 saplings
  • Reduced carbon emissions (Specific percentage not explicitly stated, but a target of 80% reduction by 2028 is mentioned)
  • Recycled 30 kilolitres of water per day at Head Office
  • Stopped 1.2 Lakh plastic water jars from ending up in landfills by installing RO units

Social Achievements

  • Launched several employee well-being programs (Yoga sessions, health camps, counselling, etc.) resulting in an employee engagement score above 95% for the last four years.
  • Increased gender diversity to 26% (target of 30% by FY25)
  • Launched 'Max Life Sustainable Equity Fund'
  • CSR expenditure of ₹10 Crores
  • Reached over 97,200 beneficiaries through CSR initiatives
  • Launched PRAGATI, a career comeback program for women on a break

Governance Achievements

  • Established a dedicated steering committee overseeing ESG integration into investment decisions.
  • Implemented a robust corporate governance framework aligned with core values.
  • 100% ESG integration in equity investment research and decision-making
  • 75% of equity portfolio to be ESG compliant
  • Board-approved Business Code of Conduct, Anti-Bribery, Anti-Corruption policies in place.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Reduce CO2 emissions by 80% by FY28
Short-term Goals:
  • Reduce water consumption by 70%
  • Increase gender diversity to 30% by FY25
  • Achieve 90% digital self-servicing operations by FY25
  • Increase digital learning hours and total training hours by 3X by FY25

Environmental Challenges

  • Climate change
  • Fraudulent activities and spurious calls targeting life insurance consumers
  • Cybersecurity threats
Mitigation Strategies
  • Set ambitious goals to reduce carbon emissions by 80% by 2028.
  • Actively communicate with policyholders about fraud prevention.
  • Established cutting-edge protocols to fortify cybersecurity stance, including partnerships with experts and a dedicated Chief Information Security Officer.

Supply Chain Management

Responsible Procurement
  • Code of conduct
  • Supplier sustainability requirements

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards

Certifications: ISO 27001 (Information Security), ISO 22301 (Business Continuity)

Sustainable Products & Innovation

  • Max Life Group Saral Suraksha plan
  • POS products
  • Saral Jeevan Beema
  • Saral Pension Plan
  • Smart Secure Plus Plan
  • Max Life Sustainable Equity Fund

Awards & Recognition

  • Best Claims Settlement at InsureNext Conference and Awards 2023
  • Celent Model Insurer of the Year Award
  • Excellence in driving distribution through Digital at the FICCI Insurance industry awards 2022
  • Gold and Silver at the ASQ International Team Excellence Awards 2022
  • Best BFSI Brands 2022 (Economic Times)
  • Excellence in Claims service and Best product innovation for SFRD at World BFSI Congress and awards
  • India’s most trusted brands 2022 (WCRCInt)
  • e4m Pride of India Brands – North Conference and Awards
  • Special mention for Internal Communications at the Velocity Awards 2022
  • Silver for Best use of Internal Communications at Fulcrum Awards 2022
  • Legal department of the year at Biz Asia legal award 2022
  • The Sustainable Organisation 2023 (Economic Times)

Reporting Period: 2023-04 to 2024-03

Environmental Metrics

Total Carbon Emissions:6836 tCO2e/year (Scope 1 & 2)
Scope 1 Emissions:141.73 tCO2e/year
Scope 2 Emissions:6694.64 tCO2e/year
Renewable Energy Share:1.25%
Total Energy Consumption:3,70,87,241.40 MJ/year (non-renewable) ; 23,972.40 MJ/year (renewable)
Water Consumption:381.96 KL/year
Waste Generated:11.469 tons/year

ESG Focus Areas

  • Green Operations
  • Caring for People and Communities
  • Working Ethically and Sustainably
  • Financial Responsibility

Environmental Achievements

  • 100% E-waste recycled
  • 25 KW Solar panel installed at head office
  • 25,000 Trees planted
  • Reduced CO2 emissions by approximately 1.25% compared to FY2023
  • 94.15% of generated waste recycled, including e-waste, biomedical, and other non-hazardous waste

Social Achievements

  • 95% Employee engagement score
  • 26.5% Gender diversity ratio achieved
  • 20,971 Employees certified on POSH via e-learning module
  • 91.41% Employees given skill upgradation
  • ₹ 10 crore CSR spent, impacting 1.3 lakh beneficiaries
  • 59,134 beneficiaries of financial literacy and insurance awareness campaigns
  • 60,200 beneficiaries of Joy of Giving initiative
  • 26,902 children benefitted from Education initiatives

Governance Achievements

  • Zero Cases of conflict of interest
  • Zero Cases of corruption reported
  • Zero Cases of data and privacy breaches
  • 100% ESG integration in equity investment research and decision-making
  • 75% of the stock portfolio to be ESG-compliant

Climate Goals & Targets

Long-term Goals:
  • Net zero emissions by 2070 (aligned with India's national target)
Medium-term Goals:
  • Achieve 95% digital penetration by 2026
  • Reduce CO2 emissions by 80% by 2028
Short-term Goals:
  • Increase employee diversity ratio to 28% by 2025
  • Upskill employees by providing 40 learning hours per employee by 2025

Environmental Challenges

  • Climate change impacts (heatwaves, floods)
  • Maintaining ESG compliance across a large and diverse organization
  • Balancing business growth with sustainability goals
Mitigation Strategies
  • Implementing energy-efficient equipment and planting trees to reduce carbon load
  • Developing and implementing comprehensive ESG policies and frameworks
  • Investing in renewable energy sources
  • Regularly reviewing and updating ESG framework

Supply Chain Management

Responsible Procurement
  • ESG considerations integrated into procurement decisions

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events (heatwaves, floods)
Transition Risks
  • Regulatory changes related to sustainability
Opportunities
  • Development of sustainable products and services

Reporting Standards

Frameworks Used: GRI Standards, UN SDGs, IIRC Framework

Certifications: ISO 27001, ISO 22301

UN Sustainable Development Goals

  • Goal 7 (Affordable and Clean Energy)
  • Goal 8 (Decent Work and Economic Growth)
  • Goal 10 (Reduced Inequalities)
  • Goal 13 (Climate Action)
  • Goal 17 (Partnerships for the Goals)

Initiatives contribute to these goals through various environmental, social, and governance programs

Sustainable Products & Innovation

  • Max Life SEWA (Secure Earnings and Wellness Advantage)
  • Max Life STEP (Smart Total Elite Protection Term Plan)
  • Max Life SUPR (Smart Ultra Protect Rider)
  • Max Life SWAG Par (Smart Wealth Advantage Growth Par Plan)
  • Max Life SWAG Pension (Smart Wealth Annuity Guaranteed Pension Plan)
  • SWAG Elite (Smart Wealth Advantage Guarantee Elite Plan)

Awards & Recognition

  • Numerous awards and recognitions from various Indian and international business bodies (see Awards and Recognitions section)