Climate Change Data

Environmental Metrics

ESG Focus Areas

• Ethical Conduct
• Responsible Investment
• Diversity, Equity & Inclusion
• Holistic Living
• Sustainable Operations

Environmental Achievements

• Planted over 40,000 trees in the last 3 years
• Reduced electricity bill units by 14%
• Recycled 310 kg of e-waste

Social Achievements

• Settled over 2.9 lakh death claims, resulting in payouts in excess of Rs. 3,000 crore
• Contributed Rs. 7.5 crore to the PM Cares fund
• Launched employee well-being programs including mental health counselling and a Click2Wellness micro-site
• Provided medical equipment and supplies to hospitals and nutritional meals to frontline healthcare workers
• Achieved 21.7% rural business and insured 9,400,794 social lives (exceeding regulatory targets)
• Launched insurance products with premiums as low as Rs. 100 per month for economically weaker sections

Governance Achievements

• Board diversity of 27% women
• Implemented a robust risk management framework with a “Three Lines of Defence” approach
• Established Anti Money Laundering (AML) Framework
• Implemented various policies including Risk Management Policy, Anti Money Laundering Policy, Asset Liability Management Policy, Whistleblower Policy, Investment Policy, Outsourcing Policy, Cyber Security Policy, Customer Grievance Policy, Fraud Management Policy, and Underwriting Policy
• Annual bonus payouts for senior leadership linked to both individual and organizational performance (including sustainability)

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic
• Regulatory changes
• Data protection laws
• Climate change
• Water crisis
• Rise in pollution
• Natural disasters
• Social unrest
• Cross-border tension
• Protectionist policies
• Trade wars
• Lower interest rates
• Market volatility
• Credit default
• Pandemic outbreaks
• Lifestyle changes (obesity, diabetes, etc.)
• Technological disruption
• Cyber terrorism/crime

Mitigation Strategies

• Business Continuity Plan
• Stringent underwriting based on data analytics and appropriate pricing
• Initiatives to promote sustainable environmental practices
• Balanced product mix and geographic diversification
• Prudent risk management including regular repricing and appropriate hedging
• Conservative investment strategy and ongoing portfolio review
• Increased pricing and marketing campaigns around healthy lifestyles
• Migration to latest tech platforms and re-evaluation of business models
• Regular risk audits and awareness campaigns for employees
• Cyber security insurance policy with an approximate cover of Rs. 72 crore
• Hybrid work from home model
• Digital service capabilities
• Video & Voice Interfacing Sales Enabler (VVISE) platform
• Robotic Process Automation (RPA) with over 280 process bots deployed

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Climate change
• Loss of biodiversity
• Water crisis
• Rise in pollution
• Natural disasters

Reporting Standards

Frameworks Used: GRI, SEBI guidelines

Environmental Metrics

ESG Focus Areas

• Ethical Conduct & Governance
• Responsible Investment
• Diversity, Equity and Inclusion (DE&I)
• Holistic Living
• Sustainable Operation

Environmental Achievements

• Planted 69,603 trees under two CSR initiatives.
• Created 11 city forests using Miyawaki method, covering about 93,250 sq. ft.
• Reduced energy consumption through LED lighting (94% of branches), efficient ACs, and sensor-based taps.
• Recycled/refurbished/disposed of 25.8 tonnes of e-waste.
• Schools on Solar project installed 71.41 kWp, generating 99,974 units of electricity annually and offsetting 1,819 MTCO2e of carbon emissions.

Social Achievements

• Insured 1,00,87,909 social lives.
• Provided insurance products with monthly premiums as low as ₹100.
• More than 2 crore microfinance customers as part of group life insurance plans.
• Implemented various initiatives under Swabhimaan program focused on Education & Livelihood, Healthcare & Sanitation, and Environmental Sustainability.
• 99.6% claim settlement ratio (individual & group).
• 92% persistency ratio (13th month).

Governance Achievements

• Received the award for “Best Governed Company in Listed Segment: Large Category” at the 21st National Awards for Excellence in Corporate Governance.
• Mr. Narendra Gangan received the “Governance Professional of the year 2021” award.
• Implemented a diverse Board composition policy.
• Moved to a web-based application for Board and Committee meetings to reduce paper usage.
• Signed up for the United Nations Principles for Responsible Investment (UN-PRI) initiative.

Climate Goals & Targets

Environmental Challenges

• Climate change and its potential disruption to operations and value chain.
• ESG risks, including climate-related risks, through investment portfolio.

Mitigation Strategies

• Developed a Responsible Investment (RI) framework to address ESG risks in the investment portfolio.
• Initiated steps to align with the Science-Based Targets Initiative (SBTi) and Task Force on Climate-related Financial Disclosures (TCFD) frameworks.
• Developing a robust internal framework to track and measure carbon footprint.
• Scenario testing and in-depth ESG risk analysis to ensure sufficient capital for business continuity.

Supply Chain Management

Responsible Procurement

• Code of Conduct for vendors

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI, IIRC Integrated Reporting Framework, SEBI guidelines, SBTi (in process), TCFD (in process)

UN Sustainable Development Goals

• At least 12 of the 17 SDGs

Various initiatives undertaken as part of business and corporate social responsibility activities.

Sustainable Products & Innovation

• Sustainable Equity Fund

Awards & Recognition

• Best Governed Company in Listed Segment: Large Category
• Governance Professional of the year 2021

Environmental Metrics

ESG Focus Areas

• Ethical Conduct & Governance
• Responsible Investment
• Diversity, Equity and Inclusion (DE&I)
• Holistic Living
• Sustainable Operations

Environmental Achievements

• Completed GHG inventorisation process to establish a baseline for GHG footprint
• Purchased 530.8 MWh of renewable energy in FY 2022-23
• Recycled/disposed 9.6 tonnes of e-waste, 7.1 tonnes of paper waste, and 1.1 tonnes of plastic waste

Social Achievements

• Achieved a weighted average score of 90.7% in customer satisfaction survey
• Insured 3,21,080 rural lives and 79,80,871 social lives through Swabhimaan
• 26.3% of workforce is women
• Launched Swabhimaan Agent of Good (SAOG) employee volunteering program

Governance Achievements

• Improved S&P Global Corporate Sustainability Assessment score by 35 points over the last 3 years (to 49/100)
• Sustainalytics rating of 19.5, indicating low ESG risk
• Maintained MSCI rating at 'BBB'
• Expanded CSR Committee to include ESG governance

Climate Goals & Targets

Environmental Challenges

• High employee turnover rate (47.5% for permanent employees)
• Climate change risks (physical and transition)
• Managing fraud risks

Mitigation Strategies

• Intensified hiring efforts and investment in employee learning and development
• Streamlining strategies and risk management processes to incorporate climate-related risks
• Implementing a Fraud Risk Maturity assessment and roadmap for improvement
• Fraud awareness programs for employees and distribution channels
• Establishment of a Payout Intelligence Unit (PIU)

Supply Chain Management

Responsible Procurement

• Partner Code of Conduct with environmental standards

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Development of new technologies and business models

Reporting Standards

Frameworks Used: GRI 2021

Certifications: ISO 27001

Third-party Assurance: Price Waterhouse Chartered Accountants LLP (limited assurance)

UN Sustainable Development Goals

• 14 out of 17 UN SDGs

CSR initiatives contribute to 14 of the 17 UN SDGs

Sustainable Products & Innovation

• Sustainable Equity Fund

Awards & Recognition

• Great Place to Work (13 times)
• Indian Corporate Governance Scorecard (Leadership Category)
• Superbrands (9 times)
• India's 100 Best Companies To Work For (2022 & 2023)
• Best Organisations for Women (2023)
• India’s Best Workplaces for Women (2022)
• Kantar BrandZ 2022 (India's top 75 valuable brands)
• ICAI Silver Shield
• LACP Vision Awards (Platinum, 4 consecutive years)
• QCI D. L. Shah Quality Awards (Silver)
• Best CSR Impact Award
• Rhodium Award
• Best Innovative CSR Project
• Women in Insurance Leadership Award
• Brandon Hall Excellence Awards (Gold)
• elets BFSI Tech Innovation Award
• Finnoviti Award
• Reader's Digest Trusted Brands
• NIQR Six Sigma Case Study Competition (Gold)
• Abby Awards (Bronze)
• Most Preferred Brand
• Excellence in CX
• Mavens of Customer Journey Management Award
• DMA Asia's Sparkies Award
• DMA Thomas Assessment National Award
• The Experience Maker Executive of the Year Award
• Best Companies for Women in India
• Smart Insurer
• Digital Transformation Partner of the Year
• Most Respected Companies
• Excellence in Insurance Medicals
• ISQ Special Jury Award
• InsureNext Award
• Frost & Sullivan PERP Award
• Fortune India’s Most Powerful Women in Business
• Business Today’s Most Powerful Women in Business
• BusinessWorld’s Most Influential Women in Business
• BusinessWorld’s Most Valuable CEOs

Environmental Metrics

ESG Focus Areas

• Ethical Conduct and Governance
• Responsible Investment
• Diversity, Equity and Inclusion (DE&I)
• Holistic Living
• Sustainable Operations

Environmental Achievements

• Purchased 471.9 MWh of renewable energy in FY 2023-24.
• Recycled/disposed of 5.3 tonnes of e-waste, 6.5 tonnes of paper waste, and 0.1 tonnes of plastic waste.
• Water consumption remained at 4,62,793.28 kiloliters; replaced bottled water with water purifiers.

Social Achievements

• 26.9% of workforce are women; recognised as Best Organisation for Women 2024.
• Achieved a customer satisfaction score of 90.9%.
• Executed 29 CSR programmes impacting over 16.32 lakh beneficiaries; covered 14 out of 17 SDGs.

Governance Achievements

• Implemented board oversight for ESG; CSR and ESG committee met biannually; ESG Management Committee met thrice.
• Launched new Environment and Climate Change policy and Health and Safety Policy.
• Won the Platinum at the LACP Vision Awards FY 2022-23 for Integrated Report.

Climate Goals & Targets

Environmental Challenges

• Rising geopolitical conflicts, interest rate fluctuations, and soaring inflation impacting global markets.
• Regulatory changes in the life insurance industry.
• Shift in retail customer savings asset allocation towards equity investments.

Mitigation Strategies

• Strategic focus on profitable growth, diversified distribution, customer-centricity, and building a future-ready organisation.
• Strengthening proprietary channels and building alliances with distribution partners.
• Leveraging technology (AI and data analytics) for risk assessment, underwriting, and fraud detection.
• Investing in employee training and development.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Partner Code of Conduct requiring vendors to conduct operations in an environmentally compliant manner.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: GRI Universal Standards 2021, Integrated Reporting (IR) framework, TCFD recommendations, UN-supported Principles for Responsible Investment (UN-PRI)

Certifications: ISO 27001

Third-party Assurance: G.M. Kapadia & Co

UN Sustainable Development Goals

• 14 out of 17 UN SDGs

CSR initiatives aligned with UN SDGs.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Golden Peacock Award for Excellence in Corporate Governance 2023
• Numerous other awards listed in the report