AIA New Zealand highlights latest sustainability achievements

AIA New Zealand highlights latest sustainability achievements | Insurance Business New Zealand

Environmental

Report structured around company’s five strategic ESG pillars

Environmental

By
Roxanne Libatique

AIA New Zealand (AIA NZ) has released its latest sustainability report, titled “Sustaining Healthier, Longer, Better Lives,” detailing the company’s ongoing sustainability initiatives aimed at enhancing both environmental and community health.

The report outlines AIA NZ’s steps toward a sustainable future, such as securing Toitū carbonreduce certification, advancing its sustainable investment strategy, adopting hybrid vehicles, and minimising waste during office relocations.

securing Toitū carbonreduce certification
disbursing 92% of claims received, amounting to $734.8 million in 2023
increasing AIA Vitality membership to over 55,000, supporting physical and mental health
investing in Betashares Global Sustainability Leaders and Australian Sustainability Leaders funds
initiating the transition to a hybrid vehicle fleet
achieving top quartile status in the 2023 Gallup Engagement Survey for the global finance and insurance sector
collaborating with the Sustainable Business Council to host a webinar on environmental and health issues

In its inaugural year as a mandatory Climate Reporting Entity, AIA NZ received accolades for its sustainability work from the Australian and New Zealand Institute of Insurance and Finance for Excellence in Environmental, Social, and Governance (ESG) Change, and the Financial Services Council of New Zealand for Excellence in Sustainable Practices.

The insurer also recently updated its AIA Vitality app, featuring a redesigned interface, enhanced security measures, a new system for reward management, and simplified health and financial wellbeing assessments.

“Following on from our previous Sustainability Report, we’re proud of what we’ve achieved on our ESG journey so far and are excited to be sharing our story. In saying this, we understand there is still considerable work to be done to achieve the goals we’ve set out,” AIA NZ CEO Nick Stanhope said. “At AIA NZ, our dream is for New Zealand to be one of the healthiest and best protected nations in the world. We understand that environmental sustainability not only has an impact on the wellbeing of our planet, but on our physical and mental health as well.”

AIA New Zealand’s five ESG pillars

The report is structured around AIA NZ’s five strategic ESG pillars:

health and wellbeing
sustainable operations
sustainable investment
people and culture
effective governance

“By rolling out initiatives and practices which support our ESG goals, we’re demonstrating our commitment to safeguarding the environment and the health of our communities,” Stanhope said. “We believe it’s our responsibility to move away from simply being a payer of claims as part of our commitment to help people live healthier, longer, better lives. Through these pillars, AIA NZ is not just focused on reducing its environmental impact, but also on engaging and empowering individuals and communities to prioritise their health, creating long-term sustainable value.”

The 2023 progress is viewed as a crucial step towards the goal of achieving net zero greenhouse gas emissions by 2050, in line with AIA Group’s broader net zero target.

“As the largest life insurer in Aotearoa, we recognise the scale of positive transformation we can make to create a healthier, sustainable future. This is why we’re committed to future-proofing our company so that ESG becomes a fundamental part of how we do business,” Stanhope said.