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ICICI Prudential Life Insurance (IPRULIFE) has become the first Indian insurance company to sign the United Nations-supported Principles for Responsible Investment (UNPRI), demonstrating its commitment towards the environment, social and governance (ESG) issues.
In its journey towards promoting sustainability, the company is integrating ESG factors into its investment management framework. This private life insurer has also adopted sustainability principles across its business activities.
Manish Kumar, Chief Investment Officer, ICICI Prudential Life Insurance, said, “We are delighted to be the first Indian insurance company to become a signatory to the UNPRI. This reinforces our commitment towards integrating a responsible framework to promote ESG factors in our investment management decisions. Climate change is impacting lives and livelihoods around us and as one of the largest domestic financial institutions in the country, it is incumbent on us to act proactively and responsibly on ESG factors to save the planet.”
The sustainability framework is built on the three pillars of ESG which include leaving the planet a better place for the next generation, giving back to society and transparency in functioning.
With assets under management of over ₹2.37 trillion, IPRULIFE is a key institutional investor and believes integrating the ESG framework in its investment management practices will ensure sustainable value creation for all stakeholders.
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The Company also engages with investee companies on ESG issues to ensure the business operates in a responsible and sustainable manner, benefitting the environment, society and investors. As part of its commitment towards promoting sustainable investing, IPRULIFE recently launched the ‘Sustainable Equity Fund’, an ESG-focused fund, and in the process became the first life insurance company in India to do so.
“Promoting sustainability is a natural extension of our vision of building an enduring institution which serves the protection and long-term saving needs of customers with sensitivity. We firmly believe that adopting the Principles of Responsible Investing will nudge corporations to enhance focus on ESG initiatives to build sustainable businesses which in turn generate superior returns for all stakeholders,” Kumar said.
The UNPRI is an investor initiative in partnership with the two bodies of United Nations – UN Environment Programme Finance Initiative and UN Global Compact. Its goals are to understand the investment implications of environmental, social and governance issues and support signatories in integrating these issues into investment and ownership decisions.
Currently, it has over 4,000 signatories from 60 countries collectively representing over $120 trillion of assets committed to integrating ESG considerations into their investment practices and ownership policies.
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