SBI Life Insurance Co. Ltd. has just come out with a Business Responsibility and Sustainability Report (BRSR) for FY 2023-24. As a leading company in the life insurance space, it has given a detailed account of its sustainability initiatives in this integrated annual report, in compliance with the SEBI guidelines on responsible business conduct. The article comprehensively presents the performance of SBI Life on parameters related to energy consumption, water usage, GHG emissions, waste management, employee well-being, gender diversity, inclusive development, and fair customer engagement.
Headquartered in Mumbai, listed on both BSE and NSE, SBI Life Insurance Company has released its Business Responsibility and Sustainability Report for FY 2023-24. This report is an integrated annual report and forms an integral part of their integrated reporting. The report includes compliance with the directives of SEBI on responsible business conduct. The report gives transparency about SBI Life’s commitment to sustainability across these various dimensions and provides appropriate transparency on its ESG performance.
Energy Footprint:This report outlines the company’s total energy consumption, focusing on both renewable and non-renewable sources. Energy usage at SBI Life is measured in joules, but more emphasis is laid on the percentage that comes from renewable sources. The energy intensity is measured about parameters such as the number of employees or even revenues to come up with an efficiency indicator.
Water Footprint:SBI Life provides detailed disclosure regarding water consumption, from the total water usage to the water intensity vis-à-vis the operation parameters. In continuation, the organization has also divulged its water discharge practices by indicating how much water is being discharged into the environment and the treatment therefor.
Greenhouse Gas Emissions:This report includes data related to Scope 1 and Scope 2 greenhouse gas emissions. Scope 1 covers the direct GHG emissions from sources owned or controlled by the organization, while Scope 2 consists of indirect GHG emissions concerned with the purchase of energy. SBI Life expresses greenhouse gas intensity concerning revenue, size of workforce, etc.
Waste Management:SBI Life reports the company’s waste generation by specifying the total amounts of generated waste by type. They measure the waste intensity and proceed with waste management practices by methods of recycling, reuse, recovery, and disposal. Increased focus on waste recovery and proper disposal indicates their commitment to minimizing environmental impact.
Employee Well-being and Safety:The company specifies its expenditure related to activities concerning employee and worker welfare. Leading indicators, such as LTIFR, total recordable work-related injuries and fatalities, high-consequence injuries, etc., are meticulously maintained to reflect that the company takes proper care of ensuring a safe work environment.
Gender Diversity:SBI Life measures gender diversity using a percentage of total wages paid to women employees. They have also instituted a system for tracking complaints registered under the Sexual Harassment of Women at Workplace Act, 2013, which reflects the commitment to ensure a safe and inclusive workplace.
Inclusive Development:Finally, there is a focus on local sourcing and employment generation within the smaller towns. These metrics would then be represented by the percentage of materials sourced locally and correspondingly as a share of the total wage bill directed towards employees in smaller towns, underlining their contribution to local economies.
Fair Customer Engagement:SBI Life has disclosed metrics related to its treatment of customers in a fair manner, including the average number of days to pay suppliers and the percentage of customer data breaches or cybersecurity incidents. All these measures reflect their commitment to fair practices and data security.
Business Transparency:The related party transactions related to loans, advances, and investments are outlined in the report, thus being completely open about their financial transactions.
Conclusion:The Business Responsibility and Sustainability Report of SBI Life Insurance Company for FY 2023-24 spells out a multi-dimensional roadmap to sustainability. It tracked detailed metrics and disclosure across several dimensions of business operations that reflect its commitment toward responsible business. This, in many ways, serves not only to comply with the regulatory requirements but also to build trust with the stakeholders. As SBI Life continues to grow in operation and coverage across India, sustainability cannot but be linked to strategies for its plans and growth.
Source: BRSR
Credit: SBI Life Insurance Co. Ltd.