Hong Kong-based, Asia-focused insurer AIA Group, which last year published its first climate transition plan and became the first pan-Asian life and health insurer to have its near-term targets validated by the Science Based Targets initiative, has reported on the progress of its five-pillar environmental, social and governance (ESG) strategy.

Under its health and wellness pillar, the insurer – according to its recently published ESG Report 2023: Sustaining Healthier, Longer, Better Lives – provided financial protection to the holders of more than 42 million individual policies and over 18 million participating members of group insurance schemes, with US$21 billion paid in benefits and claims.

Through its sustainable investment pillar, the report details, the insurer invested US$6.3 billion in ESG bonds and made it a requirement for in-scope investment professionals to attain the CFA Institute’s Certificate in ESG Investing.

Under its sustainable operations pillar, the report states, all new buildings and redevelopment projects will be certified with industry-recognized green building standards.

As part of its people and culture pillar, the report shares that the insurer is in the top quartile of Gallup’s global finance and insurance industry benchmark for the seventh consecutive year.

And under its effective governance pillar, the company highlights that it was again named a top-rated performer by Sustainalytics for ESG.

“Healthy communities form the bedrock of sustainable economic and social development,” says Lee Yuan Siong, AIA Group chief executive and president. “As the largest pan-Asian life and health insurer we have a responsibility to deliver positive impact in communities across Asia-Pacific. We have made substantial progress towards our ESG commitments, particularly on climate action.”

Amita Chaudhury, the insurer’s group head of sustainability, adds: “2023 was marked by key milestones in meeting our net-zero commitment, including the publication of our first climate transition plan.”