ICICI Prudential signs United Nations Principles of Responsible Investing

The insurer says this demonstrates its commitment towards Environment, Social and Governance issues

ICICI Prudential Life Insurance has become the first Indian insurance company to sign the United Nations supported Principles for Responsible Investment (UNPRI). The insurer said this demonstrates its commitment towards Environment, Social and Governance (ESG) issues.

"In its journey towards promoting sustainability the Company is integrating ESG factors into its investment management framework. As a responsible corporate it has also adopted sustainability principles across its business activities. The sustainability framework is built on the three pillars of ESG which include leaving the planet a better place for the next generation, giving back to society and transparency in functioning," the company said in a statement.

ICICI Prudential Life Insurance, with Assets under Management of over Rs 2.37 trillion, 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, benefitting the environment, society and investors.

Manish Kumar, Chief Investment Officer, ICICI Prudential Life Insurance said: “We are delighted to be the first Indian insurance company to become a signatory to the UNPRI. This reinforces our commitment towards integrating a responsible framework to promote Environmental, Social and Governance 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 Principles of Responsible Investing will nudge corporations to enhance focus on ESG initiatives to build sustainable businesses which in-turn generate superior returns for all stakeholders.”