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Sustainability
Etiqa's Sustainability Focus Areas
Our Sustainability Focus Areas are aligned to the four core dimensions that address Environment, Social & Governance (ESG) in the context of an insurer.
We believe that these four core dimensions allow us to align our business to the key issues pertinent in sustainability, which are related to the climate, environment, community & financial resilience. In doing so, Etiqa is committed to contributing to the United Nations’ Sustainable Development Goals (UN SDG).
Dimension 1
Staff and Community
We begin with building the foundations by educating & building a culture of sustainability.
The objective of Dimension 1 is to create sustainable value to the community & environment by both changing the mindset & culture of the company, staff & community and
to be highly effective & improve our self governance to deliver Fast & Easy service & provide Best Advice
to the customers.
Dimension 2
Supplier
We believe that we need to reach out to our suppliers as they are one of the operational pillars that ensure our business is run efficiently & smoothly.
The objective of Dimension 2 is to educate & advocate sustainable practices to our suppliers who are yet on the sustainability journey so that they as our business partners, can grow together with us.
Dimension 3
Investment
As we journey further, we believe that the way we conduct our investments are pivotal in supporting our Sustainability goals.
Our objective in Dimension 3 is
to identify the sustainability of
our investment assets and
promote investment into assets
that are sustainable or
transitioning towards greater
sustainability.
Dimension 4
Underwriting / Clients
Underwriting is one of the most pertinent component within an insurance business. We believe that we need to address our Underwriting activities conscientiously.
Our objective for Dimension 4 will allow for a robust methodology that analyses our clients & portfolio for ESG/ climate risk & impacts. In doing so, we hope to expand our existing green clientele and provide more innovative green products & services.
Etiqa’s UN PSI Journey
Etiqa has boldly stated its commitment to sustainability by being the first insurance and takaful company in Malaysia to become a signatory of the United Nations’ Principle for Sustainable Insurance (UN PSI) under the United Nations Environment Programme Finance Initiative (UNEP FI).
Through this initiative, Etiqa will incorporate the four Principles for Sustainable Insurance, as presented by the United Nations in its business strategy.
Principle 1
Core Business
Etiqa will embed in its decision making environmental, social & governance issues relevant to its business
Principle 2
Clients & Business Partners
Etiqa will work together with its clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions
Principle 3
Governments, Regulators & Other Key Stakeholders
Etiqa will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues
Principle 4
Public
Etiqa will demonstrate accountability and transparency in regularly disclosing publicly their progress in implementing the Principles
Etiqa's Sustainability Ambitions
Our Sustainability Ambitions are aligned with the Maybank Group’s Sustainability Commitments. Through a timeline between 2025 to 2030, we have set four Sustainability Ambitions.
To not underwrite any greenfield coal power generation plant & meet the internal ESG Requirements for Equity Investments by 2025
Etiqa has committed to Not Underwrite any Greenfield Coal Power Generation plant. All Etiqa’s Equity Investments to meet internal ESG requirements by 2025
By strategically integrating Environmental, Social, and Governance (ESG) principles into our underwriting practices and equity investments, we are dedicated to fostering sustainable value creation that transcends short-term gains.
Improve the lives of 900,000 households across ASEAN by 2025
Ambition 2 will be achieved by expanding the offering of micro insurance and related products to the Malaysian B40 group and B40 equivalent for the regional countries as well as via the CSR and CZR activities planned.
Provide sustainable solutions for the social, health and education needs of the communities, targeting to improve the lives of 900,000 households by 2025
We believe that affordability and accessibility with good protection value is what our customers want.
This will address our aim to enable a wider protection coverage for the community and provide financial inclusion to the under-served & B40 groups. Hence, we strive to make our offerings, easy to understand , simple to purchase and trouble free to make claims.
In addition, we will continue with our notable CSR and CZR activities which include the flagship programmes of Clean Water for Rural Villages, Free Mammograms and Cervical Cancer Screening for Underprivileged Women.
Achieve Carbon Neutral status for Scope 1 & 2 emissions by 2030 and Net Zero Carbon Equivalent position by 2050.
For Ambition 3, we are aligned with Maybank’s Sustainability Commitment of “Carbon Neutral position for Scope 1 and 2 emissions by 2030 and Net Zero Carbon Equivalent position by 2050”.
Achieve Carbon Neutral status for Scope 1 and 2 by 2030 and go beyond this to implement zero single-use plastic for all Etiqa buildings, zerorise paper usage and all Etiqa vehicles as EV by 2030
In October 2021, Maybank signed a letter of intent with Tenaga Nasional Bhd’s wholly owned subsidiary TNBX Sdn Bhd to purchase Malaysia Renewable Energy Certificates (mRECs), equivalent to 70% of its Malaysian operations’ Scope 2 carbon emissions including that for Etiqa.
Our current activities via the Value Based Intermediation (VBI) initiatives continue to show positive results in the overall reduction of paper, water, electricity & plastic usage in all of our Etiqa premises.
To achieve 80,000 hours per annum on engagements and activities related to sustainability
Sustainability engagement not only aligns employees with the organization’s sustainability goals but also enhances workplace satisfaction and
improves Etiqa’s reputation, contributing positively to both the environment and society.
Employee involvement aids in long-term organizational success and resilience in an ever-evolving business landscape.
By dedicating significant time and resources to activities and actions promoting sustainability, Etiqa is not only addressing its internal practices but also taking a leadership role in advocating for sustainable principles with its business partners and stakeholders.
Etiqa's Sustainability Journey
Below are the initiatives that have been completed or embedded into Etiqa as part of our regular operations.
Legend:
Initiatives at Etiqa
Initiatives at Maybank Group
Etiqa’s Sustainability Governance
Our Sustainability Governance covers the entirety of Etiqa and with the support from the Senior Management, we are moving steadily in our Sustainability journey. Sustainability Governance is overseen by Etiqa’s Value Based Intermediation & Sustainability Steering Committee (VBIS SC) which is co-chaired by the 4 Malaysian operating entities’ CEOs .
Our Board and Senior Management are fully committed to our Ambition and this ESG Journey. To affect the journey, the VBIS SC meets on a monthly basis to track our progress and map out the next steps for Etiqa. Regular updates are provided to our Board to seek their guidance.
Download Etiqa Sustainability Progress
Etiqa Cares
Etiqa Cares encapsulates Etiqa’s social responsibility efforts to uplift the lives of underprivileged individuals, families & communities across Malaysia.
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Basic Infrastructure
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Education
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People Empowerment
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Healthcare
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Covid-19 Assistance
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Etiqa is constantly helping to improve the lives of underprivileged communities across Malaysia through the provision of various basic infrastructure.
Since 2007, Etiqa has invested in many holistic initiatives and programmes to nurture the minds of more than 10,000 young Malaysians.
Etiqa believes in empowering people, that is why we have initiated many developmental programmes targeted at individuals of different backgrounds.
Etiqa is constantly collaborating with different healthcare organisations to provide free health screenings to various communities.
Etiqa pledges to play a committed role in assisting communities affected by the Covid-19 pandemic.
