Leading life insurer AIA NZ has released its 2023 Sustainability Report: Sustaining Healthier, Longer, Better Lives, with an understanding that a healthier environment fosters healthier communities.
The Report outlines the actions AIA NZ is taking to contribute to a healthier, sustainable future. Recognising there is still a significant amount of work to be done, these actions include achieving Toitū carbonreduce certification, progressing its sustainable investment journey, and making improvements closer to home, such as transitioning AIA NZ’s fleet to hybrid vehicles and minimising waste going to landfill during its office move.
Key highlights of the 2023 Sustainability Report include:
- Achieved Toitū carbonreduce certification
- Paid 92% of claims received, totalling $734.8M in 20231
- Grew to 55,000+ AIA Vitality members, encouraging members to improve their physical and mental wellbeing
- Invested into the Betashares Global Sustainability Leaders and Australian Sustainability Leaders funds
- Began transitioning fleet to hybrid vehicles to reduce fuel usage
- 2023 Gallup Engagement Survey Top Quartile in global finance and insurance industry benchmark
- Partnered with the Sustainable Business Council, hosting a webinar highlighting our Environment and Our Health Report.
In AIA NZ’s first year as a mandatory Climate Reporting Entity, its sustainability efforts were recognised with the business winning the 2023 Australian and New Zealand Institute of Insurance and Finance Awards for Excellence in Environmental, Social and Governance (ESG) Change, and the Financial Services Council of New Zealand Award for Excellence in Sustainable Practices.
Nick Stanhope, AIA NZ CEO, says it is encouraging to see the progress made in a broad range of areas as AIA NZ collectively works towards the company’s wider sustainability vision.
“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,” says Nick.
“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.”
The Sustainability Report is built around AIA NZ’s five strategic ESG pillars: Health and Wellbeing, Sustainable Operations, Sustainable Investment, People and Culture, and 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.
“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 progress made in 2023 is an important start towards achieving net zero greenhouse gas emissions by 2050. This mission coincides with the net zero commitment of AIA Group and its overarching goal to deliver long-term sustainable value for its customers, shareholders, employees, partners, and communities.
“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,” Nick concludes.
