Manulife outlines progress in sustainability report

Manulife outlines progress in sustainability report | Insurance Business Canada

Life & Health

Manulife outlines progress in sustainability report

Insurer “grounds itself in the principles of longevity”

Life & Health

By
Terry Gangcuangco

“As a global insurer and asset manager, Manulife grounds itself in the principles of longevity to empower longer, healthier lives for our customers and for our planet.”

Those were the words of Sarah Chapman, global chief sustainability officer at Manulife, when the company published its sustainability report and public accountability statement for 2023.

In its sustainability report, Manulife outlined the firm’s continued progress toward generating long-term value for its business, its communities, its shareholders, and the planet in line with its Impact Agenda.

Manulife’s accomplishments in the past year include the more than 2.1 million customers globally that were provided access to the insurer’s behavioural insurance platforms. In 2023, Manulife also increased its mental health benefits for Canadian employees, from $10,000 to $12,000.

Additionally, the year saw Manulife host the inaugural ‘Longer. Healthier. Better.’ longevity symposium that featured science, healthcare, and education experts.

Meanwhile, in the area of inclusive economic opportunity, Manulife reported: “Globally, 99% of pay was received by women as a percentage of men, and in North America, 101% of pay was received by racially and ethnically diverse populations, demonstrating our commitment to gender and racial pay equity.”

The company also sold more than 668,000 specialized, affordable policies within its emerging markets in Asia to support financial resilience for traditionally underserved populations. In Indonesia, Manulife became the first insurer to offer life insurance for people living with HIV.

When it comes to accelerating a sustainable future, Manulife grew its general account’s sustainable investment portfolio to $48.3 billion in 2023. It also announced the first close of its Forest Climate Strategy, which offers qualified investors the ability to participate in natural climate solution markets.

It was also last year when Manulife released its Climate Action Implementation Plan.

“As we look to 2024 and beyond, we continue to be guided by our Impact Agenda and our global strategy to make great progress for our customers, communities, and the future we all share.”

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