With a basis in humanitarian principles, Thai Life Insurance Public Company Limited (Thai Life Insurance) is a champion truly emblematic of its Corporate Sustainability Reporting category which it won at the Asia Responsible Enterprise Awards 2024, organized by leading regional NGO, Enterprise Asia. Sustainability reporting serves as a means of transparency, allowing stakeholders, including regulators and the broader community, to assess a company’s sustainability performance and hold it accountable for its actions.
As mentioned in the “TLI’s Sustainability Report 2023”, Thai Life Insurance has set three sustainability objectives for itself.
Firstly, is to reaffirm the company’s commitment to advancing the vision “To be a Value-Driven Life Insurance Company of Sustainability”. The company also aims to ensure that data disclosure is comprehensive and transparent, in accordance with global reporting standards (e.g., GRI, SASB, TCFD). Thirdly, the company also works to reflect continuous monitoring and tracking of key sustainability performance outcomes and the ongoing development of sustainable initiatives.
In recent years, Thai Life Insurance has increasingly focused on tackling ESG risks. This trend involves integrating environmental, social, and governance factors into the Enterprise Risk Management Framework and supporting processes that ensure that these risks will be properly managed, monitored, and reported to the management team. The company recognizes the importance of reducing the carbon footprint of the organization by implementing various strategies such as investing in renewable energy projects, incorporating climate risk assessments into underwriting practices, and launching ESG life insurance products and services.
The company is also planning to convert sustainability data into dynamic reports that will be publicly available on Thai Life Insurance’s website. The company recognizes that investors need automated access to ESG performance metrics to make informed investment decisions, and it aims to provide added convenience for them.
In serving its stakeholders, Thai Life Insurance prioritizes curated value creation. The company will provide customers with quality products and services, innovating to meet diverse customer needs at every life stage. Employees and Agents gain benefits from Thai Life Insurance investing in their well-being, fostering competence and virtue to be knowledgeable partners, and adaptable to change. Shareholders gain value from the company when it is focused on sustainable growth, profit optimization, and rigorous risk management.
A truly responsible enterprise strictly adheres to the principles of accountability and transparency. Thai Life Insurance’s commitment to creating extensive and detailed sustainability reports has made it a paragon of responsible enterprises.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplifting the economic status of people across Asia and ensuring a legacy of hope, innovation, and courage for future generations. Please visit https://www.enterpriseasia.org/ for more information.
About Asia Responsible Enterprise Awards (AREA)
The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit https://enterpriseasia.org/area/.