Bangalore, Dec 9th, 2022: Max Life Insurance Company Ltd. (“Max Life” / “Company”) releases its second Annual Sustainability Report for the financial year 2021-2022. The report discloses information relating to the environmental, social, and governance performance of Max Life Insurance on a consolidated basis. By focusing on four identified pillars of sustainable strategy: Working Ethically and Sustainably; Care for People and Community; Financial Responsibility; Green Operations, it strives to strengthen its ESG focus to help create a sustainable future. From tackling environmental issues to ensuring gender inclusivity and diversity in the workforce to adopting industry-best corporate governance processes, it long-term, transformational ESG initiatives are based on material topics and are linked to its strategic goals.
Prashant Tripathy, MD & CEO, said, “We are embedding the principles of ESG into our products, business operations, people, and community engagements. While pursuing business priorities, we acknowledge the growing threat of environmental degradation and climate change that can undermine the sustainable growth of economies and businesses. With that in mind, we want to achieve carbon reductions of 80% by 2028. We remain committed to making Max Life a greener, sustainable firm and delivering long-term impact.”
The report underlines recent progress made during the period, sharing key initiatives undertaken, and their impact. The report also highlights several employee-centric policies like sports enthusiast policy, unlimited sick leave policy, etc., and other initiatives like yoga sessions that help enrich work-life balance and fun at work.
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With value generated across all verticals, achieving a 25% gender diversity and setting an ambitious target of 30% by FY2024-2025, committing a total CSR expenditure of INR 8.4 crore in FY’2021-2022, recycling 30-kilo liters per day of water, working to reduce its overall carbon footprint by 80% by 2028 – Max Life has laid the groundwork for creating a secure business and sustainable society. ESG Fund launched in May this year, has grown to INR 166 crore since its launch.
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About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per public disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium of INR 22,414 crore.
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