Our Environment

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ALIGNMENT WITH UN SDGs
  • Climate Change
  • Resource Management

We acknowledge that climate resilience is key to long-term business sustainability. Our commitment to Zero Coal by 2030 in our underwriting and investment portfolios reflects our dedication to sustainable growth. By strengthening our capabilities and aligning with regulatory standards, we aim to build and sustain a future-ready business. We have established the Group’s Net Zero Roadmap for Scope 1 and 2 by 2050 and 6,000 of Corporate Good hours from 2025 to 2027.

Task Force on Climate Related Financial Disclosures – To ensure transparency in our efforts to address climate change and incorporate them into our business strategy, we have adopted the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”), established by the Financial Stability Board. More details regarding TCFD can be found within the 2024 annual report.

  • Identification of Climate-related Risks & Opportunities
    The risk assessment is conducted quarterly and taken into consideration the short, medium, and long-term implications of climate-related risks, which subsequently incorporated into strategy and financial planning. Through this exercise, we identified the drivers of climate-related risks and align both physical and transition risks with existing risk categories
  • Risk Appetite Statement
    We have a Risk Appetite commitment of ‘No acceptance of coal, weapon, and tobacco-related risks’ and ‘No new investment in coal-based businesses.’ Since August 2023, our Underwriting portfolio has been completely free of coal exposure, and we continue to monitor and work toward achieving zero coal in our investment portfolio.
  • Decarbonising Towards A Greener Portfolio
    In response to climate-related risks, our business strategy is shifting away from commercial lines associated with coal and instead focuses on Travel and Motor portfolio. Our commitment to sustainability is underscored by our pledge to phase out coal by 2030, reducing underwriting risks linked to coal-fired power plants, thermal coal mining and coal-dependent utilities.
  • Driving Engagement on Climate Change
    The Group actively collaborates with various corporate sectors and climate-focused chapters to stay informed about evolving policies, regulations, and laws. Through these partnerships, we also contribute valuable insights to national climate strategy discussions, fostering a shared commitment to addressing climate challenges.
  • Promoting Sustainable Practices
    We recognise the significant role our customers play in reducing carbon emissions, particularly the indirect emissions linked to our products. As part of our sustainability journey, we are focused on empowering customers to make environmentally conscious choices.
  • Products Promoting Adaptation
    We have continued to offer flood coverage add-ons for both motor and home policies. These add-ons are designed to help customers protect their assets from the growing risk of flood damage, giving them greater confidence and stability amid increasingly volatile weather patterns.
  • Climate-Related Scenario Analysis
    We conducted a high-level long-term qualitative scenario analysis based on the Hot House World (HHW), one of the categories of scenarios developed by the Network for Greening the Financial System (NGFS) to explore climate change impacts on the economy and financial system, assessing the potential business impacts of climate risk events.

    For short-term scenario analysis, our actuarial team factored in both physical and transition risks, considering a 1-in-200-year flood event as a physical risk and regulatory changes through potential national policy developments as a transition risk to evaluate their impacts on our portfolios
  • Understanding the Impacts on Our Business
    We actively assess and mitigate climate-related risks, identifying opportunities to reduce our environmental footprint while strategically prioritising our investments. We are continually refining our assessment processes to better capture both short- and long-term risks and opportunities that may influence our business landscape.
  • Managing Our Risks
    We employ Risk Classification to assess and categorize various risks, identifying both challenges and opportunities arising from climate-related factors. Through our Group Risk Management Policy, we define key risk terminologies to ensure consistency with the TCFD recommendations and BNM CRMSA Policy Document. In line with these principles, we have embraced the principles and requirements that enhance our resilience against climate-related risks. Climate change considerations are integrated into the Company’s risk management framework as part of the overall risk management process. During the quarterly review of the climate risk register, we identified existing controls to mitigate climate risks, ensuring appropriate measures are in place to prevent potential impacts. The impact of climate change is evaluated across key financial risk categories, including credit risk, market risk, insurance risk, liquidity risk and operational risk.
  • Integrating Climate Risks into Risk Management
    We have incorporated potential climate change impacts, such as changes in weather patterns, into our Enterprise Risk Register. This reflects the increasing frequency, severity, and associated costs of extreme weather events resulting from global warming. At the departmental level, climate risks are included in their risk registers with clearly assigned risk owners to identify and manage climate-related risks within existing risk categories, where applicable.

    All identified climate risks are assessed across short-, medium-, and long-term horizons, considering their financial impact and likelihood of materialisation. Additionally, we evaluate their significance within existing risk categories. Credit, market, liquidity, and operational risks are assessed qualitatively, while insurance risks are evaluated quantitatively.

Driven by our commitment to enhance customer experience, the Group continues to prioritise initiatives that strengthen our understanding of customer needs and expectations. We actively track and analyse customer feedback through tools to improve our service delivery, streamline customer journeys, and ensure our offerings remain relevant and responsive to evolving demands.

  • Net Zero Roadmap
    The Group target to achieve 50% reduction for Scope 1 by 2030, 50% reduction for Scope 2 by 2040, and Net Zero for both Scope 1 and 2 by 2050.
  • GHG Emissions
    In our ongoing commitment to sustainability, we have tracked our greenhouse gas (GHG) emissions since 2020, following the GHG Protocol Framework. As part of our efforts to mitigate climate change, we have begun to assess and measure Scope 3 emissions, which arise from activities within our supply chain. We have also reviewed our methodology in 2024 and restated our 2022 and 2023 GHG emissions based on the latest emission factor.
The Group remains committed to the responsible stewardship of natural resources, aligning our actions with our sustainable development goals. This commitment drives our initiatives to conserve energy, water and reduce waste, while ensuring that our resources are used efficiently.
Our electricity consumption and the carbon emissions that occur as a result of the purchased electricity is shown below:

We have continued to implement several strategies to reduce our electricity consumption:
  • Earth Hour Fridays – non-essential lighting and electrical appliances were turned off for one hour from 12pm to 1pm
  • witch off non-essential lights when not in use on Level 9 of Wisma Capital A
  • Consistently encourage employees to adopt energy-saving measures through notifications, wraps, screensavers and signage throughout the organisation
  • ‘Workplace Green Screen’ via VivaEngage – employees’ environmentally responsible actions, such as bringing their own containers and using reusables
Since 2022, we have been tracking water consumption across our 15 branches and HQ, which has provided us with a clearer understanding of our collective usage patterns:
In 2024, we have maintained the same level of commitment to reducing our environmental impact as in 2023 by continuing our paperless operations and digital delivery methods. We have upheld this approach, focusing on eliminating paper use wherever possible.
  • Employees regularly encouraged to print on recycled paper for internal use when necessary
  • Products are created, developed and delivered digitally, with policy documents sent via email and online
  • Continued to implement e-billing and paperless transactions through our e-card feature
  • Continued phasing out outdated dot matrix printers and reducing paper consumption through efficient office printing practices
  • Printers have remained set to duplex and grayscale by default and we have maintained the restriction on new printer installations, allowing them only when necessary
  • Dyson HEPA hand dryers installed in the HQ washrooms, reducing the need for paper towels and minimising disposable waste
Our paper consumption and percentage of decrease of it is shown below:
The Group continues to adopt the 5R approach as a key strategy for reducing our environmental impact and advancing sustainability efforts. Our ongoing approach focuses on conserving resources, optimising material usage, reducing waste, mitigating environmental impacts and enhancing protection measures. Additionally, we remain committed to promoting recycling practices across all operations.
  1. Refuse
    We encourage our employees to prevent indiscriminate disposal of recyclable materials, reducing their carbon footprints and minimising our environmental impacts. We also promote the use of waste bins and collection containers to facilitate waste reduction at its source.
  2. Reduce & Repurpose
    We emphasise the importance of reducing unnecessary purchases to indirectly lower carbon emissions and promote sustainability. Through our Green Screen group on the Workplace social media platform, we educate readers about the carbon emissions associated with unnecessary purchases and discourage them whenever possible.
  3. Reuse
    We encourage our employees to reduce the use of single-use plastics especially during office meals by utilising reusable food containers, bottles and bags. Additionally, we have a Green Cupboard to encourage employees to use reusable mugs, cups, water bottles, and food containers. Employees can conveniently store them in the Green Cupboard, reducing reliance on single-use paper cups, plastic bottles, and disposable containers. This initiative supports our efforts to minimize waste and promote a culture of environmental responsibility within our workplace.
  4. Recycle
    We prioritise recycling fluorescent tubes and e-waste materials to prevent glass, metal and mercury content from polluting landfills and water resources. These materials are sent to collection facilities where employees ensure that they are disposed of and recycled in compliance with regulatory requirements.

We have built upon our 2023 initiatives to further reduce waste and promote sustainability:
  • Prohibition of single-use plastic bottles usage for meetings in HQ.