AIA REPORTS ON SIGNIFICANT ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ACHIEVEMENTS IN 2021 – Yahoo Finance
HONG KONG, March 21, 2022 /PRNewswire/ — AIA Group Limited (the “Company”, and together with its subsidiaries, “AIA” or the “Group”; stock code: 1299), the largest pan-Asian life and health insurer, issued its 2021 Environmental, Social and Governance (ESG) report Sustaining Healthier, Longer, Better Lives, highlighting the acceleration of its ESG Strategy.
(PRNewsfoto/AIA)
Lee Yuan Siong, AIA Group Chief Executive and President, said, “With our scale, trust, and influence in Asia, AIA has a responsibility to address material ESG challenges including climate change, access to healthcare, and inequality. With that in mind, our ambition is to take a leading role in contributing to the sustainable development of the region. Our Report, Sustaining Healthier, Longer, Better Lives, sets out our focus on ESG as we deliver our Purpose of helping people live Healthier, Longer, Better Lives.”
AIA’s ESG Strategy brings together a clear programme of goals, commitments, and actions to deliver long-term sustainable value for customers, shareholders, and communities. The Strategy is built around five pillars: Health and Wellness, Sustainable Operations, Sustainable Investment, People and Culture, and Effective Governance.
Through the Health and Wellness pillar, AIA is committed to delivering better health outcomes, championing financial inclusion, and expanding access to quality healthcare across Asia. AIA provides financial protection to the holders of over 39 million individual policies and more than 16 million participating group insurance scheme members, with benefits and claims exceeding US$16 billion in 2021. In February this year, the Company also launched the AIA One Billion initiative, a bold ambition to engage a billion people to live Healthier, Longer, Better Lives by 2030.
As part of the Sustainable Operations pillar, AIA aims to improve the environmental performance of its operations. In 2021, AIA made the commitment to achieve net-zero greenhouse gas emissions by 2050, and reduced emissions per employee by 53% compared to 2018. 77% of AIA’s buy, service, and claims transactions were also submitted digitally, significantly reducing paper usage across the Group’s operations.
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The Sustainable Investment pillar of AIA’s ESG Strategy aims to deliver long-term value by allocating capital to companies that commit to sustainable outcomes and lowering AIA’s exposure to the risk of stranded assets in a future low-carbon economy. AIA also completed the divestment of directly-managed, listed equity and fixed income exposures to coal mining and coal-fired power businesses last October, seven years ahead of schedule. In 2021, AIA achieved a 31.4% decrease in the carbon footprint of the Company’s directly-managed, listed-equity portfolio since 2018. In addition, AIA has investments of US$8.6 billion in Healthcare bonds and US$3.6 billion in ESG bonds, representing a 100% increase year-on-year, with plans for this to grow materially in the years ahead.
Through the People and Culture pillar of AIA’s ESG Strategy, the Company is committed to empowering its people to succeed by fostering a diverse and inclusive culture with equitable and fair processes for employment and progression. In 2021, women comprised 58% of the Company’s workforce and 42% of its senior leadership. In addition, there are more than 70 nationalities represented across the Group. These efforts have been recognised through AIA’s inclusion in Forbes’ “World’s Best Employers” list for the third consecutive year, and through AIA’s ranking in the ninetieth percentile of Gallup’s global financial services and insurance industry benchmark.
The Effective Governance pillar ensures that AIA continues to operate to the highest standards of business practices both in terms of its engagement with stakeholders and how it manages risk. In 2021, AIA was ranked top five globally in the insurance industry for the ESG risk rating by Sustainalytics, a firm that provides ESG risk ratings for companies and considered an industry standard by the world’s leading investors. AIA’s MSCI ESG rating also improved from A to AA.
Amita Chaudhury, AIA Group Head of Sustainability said, “We will continue to embed environmental, social, and governance considerations in strategic decision-making at all levels of our organisation. We are committed to playing a leading role in shaping a more sustainable future for our industry and our communities.”
AIA’s full ESG Report 2021 can be accessed here.
About AIA Group
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$340 billion as of 31 December 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
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Notes:
(1) Hong Kong SAR refers to the Hong Kong Special Administrative Region.
(2) Macau SAR refers to the Macau Special Administrative Region.
SOURCE AIA
