ICICI Pru first insurer to sign UNPRI on ESG issues

Hyderabad In a journey towards promoting sustainability, ICICI Prudential Life Insurance has become the first Indian insurance company to sign the United Nations-supported Principles for Responsible Investment (UNPRI) committing towards Environment, Social and Governance (ESG) issues across its business activities.

Manish Kumar, Chief Investment Officer of the company said, "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."

"As part of our commitment towards promoting sustainable investing we 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 UNPRI will nudge corporations to enhance focus on ESG initiatives to build sustainable businesses which in-turn generates superior returns for all stakeholders," he added.

With over Rs 2.37 trillion of assets under management, ICICI Prudential Life Insurance is a key institutional investor and believes integrating the ESG framework in its investment management practices will ensure sustainable value creation for all stakeholders. The Company also engages with investee companies on ESG issues to ensure the business operates in a responsible and sustainable manner, benefiting the environment, society and investors.

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 USD 120 trillion of assets committed to integrate ESG considerations into their investment practices and ownership policies.