AIA NZ’s Purpose is to help people live Healthier, Longer, Better Lives. It underpins everything we do. We are guided by this Purpose as we focus on delivering value for all our stakeholders through our efforts across our five Environmental, Social and Governance (ESG) strategic pillars.
AIA NZ 2024 SUSTAINABILITY REPORT
SUSTAINING HEALTHIER, LONGER, BETTER LIVES TE KAITIAKITANGA O TE TAIAO ME TE WHĀNAU KOTAHI
2
CONTENTS
HEALTHIER PLANET, HEALTHIER COMMUNITIES AIA NZ’s Purpose is to help people live Healthier, Longer, Better Lives. It underpins everything we do. We are guided by this Purpose as we focus on delivering value for all our stakeholders through our efforts across our five Environmental, Social and Governance (ESG) strategic pillars. As part of AIA Group – the largest pan-Asian life and health insurer, and a significant asset owner and investor – we recognise our potential to lead positive tranformation in the region. Our Sustainability Report 2024 showcases the actions we are taking to create a healthier, sustainable future for AIA, our communities and Aoteoroa New Zealand.
INTRODUCTION 2024 ESG Highlights
3 4
A Message from AIA NZ’s Chair and CEO
OUR APPROACH Environment, Social & Governance Strategy
5
OUR PROGRESS Health & Wellbeing HAUORA
7 8
Engaging communities
Improving access to quality care 11 Building better integrated health and wellbeing outcomes 13 Sustainable Investment HAUMITANGA TOITŪ 15 Bringing Sustainable Investment to life 16 Sustainable Operations TUKANGA TOITŪ 18 AIA CAN 19 Bringing Sustainable Operations to life 20 People & Culture NGĀ TĀNGATA ME TE AHUREA MAHI 22 Bringing People & Culture to life 23 Effective Governance MANA WHAKAHAERE WHAI TIKANGA 27 Bringing Effective Governance to life 28 OTHER INFORMATION Our Reporting Approach 29
OUR ESG STRATEGIC PILLARS
HEALTH & WELLBEING
SUSTAINABLE INVESTMENT
SUSTAINABLE OPERATIONS
PEOPLE & CULTURE
EFFECTIVE GOVERNANCE
AIA New Zealand Limited Sustainability Report 2024
INTRODUCTION
3
2024 HIGHLIGHTS
| A MESSAGE FROM AIA NZ’S CHAIR AND CEO
2024 ESG HIGHLIGHTS
HEALTH & WELLBEING Delivering better health outcomes, championing financial inclusion and expanding access to quality care.
SUSTAINABLE INVESTMENT
SUSTAINABLE OPERATIONS
PEOPLE & CULTURE Fostering a learning environment, equitable processes and a diverse, inclusive culture. Strong employee engagement which ranks us in the top 15% of organisations in the Gallup Finance and Insurance benchmark. We partnered with Pride Pledge to renew and deepen our commitment to rainbow inclusivity, actively promoting safety, visibility and inclusion of the rainbow community.
EFFECTIVE GOVERNANCE
Creating long-term value through Sustainable Investment, future focus, and active engagement for net-zero goals.
Improving the environmental performance of our operations and incorporating ESG into sourcing considerations. We progressed the refurbishment of our head office , AIA House, Smales Farm. The design adheres to sustainable business practices and reduces our overall office floorspace. An All Hearts impact report 2 showed 235,569kg at an estimated value of $605k diverted from landfill to charitable organisations and schools.
Continuing to operate to the highest standards of business practices.
We published our inaugural Climate Statements .
We paid $829.6M total in claims and accepted 92% of all claims received 1 .
We progressed the migration of our equity portfolios to ESG benchmarked funds .
Winner of the 2024 FSC Award for Excellence in Sustainability Practices .
We launched our first AIA NZ Claims Compass with a spotlight on cancer claims .
We successfully implemented MSCI ESG reporting software .
Our AIA Vitality MoleMap campaign identified 111 malignant (including 10 melanoma) and 254 pre-malignant lesions.
1. As reported by the AIA NZ Business Insights team for the year ending 31 Dec 2024. Includes GST, surrenders and maturities. 2. Source: All Heart NZ Impact Report dated 27 February 2024
AIA New Zealand Limited Sustainability Report 2024
4
A MESSAGE FROM AIA NZ’S CHAIR AND CEO
2024 HIGHLIGHTS |
A MESSAGE FROM AIA NZ’S CHAIR AND CEO
“At AIA NZ, our dream is for Aotearoa New Zealand to be one of the
While the global landscape continues to evolve, our aspiration to be one of the healthiest and best protected nations in the world, remains. Guided by our Purpose – helping people live Healthier, Longer, Better Lives – this vision shapes everything we do. AIA New Zealand, as part of AIA Group Limited and its subsidiaries (collectively ‘AIA Group’), is proud to uphold a strong commitment to Environmental, Social, and Governance (ESG) principles. As Aoteroa New Zealand’s largest life insurer 3 we recognise our responsibility to lead the industry in building a more sustainable and equitable future for all.
AIA Group stands beside us on this journey, providing unwavering support, expertise and leadership. AIA Group is the first life and health insurer in the Asia-Pacific region to receive validation from the Science Based Targets initiative (SBTi), and it has maintained an MSCI ESG rating of AA for three consecutive years. Together, AIA NZ and AIA Group contribute not only to Aoteroa New Zealand’s economic and social resilience but also to that of the wider Asia-Pacific region. We are proud to be part of the AIA Group’s ESG strategy, which includes a commitment to achieving net-zero greenhouse gas (GHG) emissions by 2050 and aligning with the SBTi to set science-based emissions reduction targets. Our local ESG strategy is central to how AIA NZ will continue to grow, operate and create long-term value for all our stakeholders. Our strategy covers five key pillars: • Health & Wellbeing • Sustainable Investment • Sustainable Operations • People & Culture • Effective Governance.
Each pillar contains several strategic priorities which have been developed to support the transition of AIA NZ to Net Zero. In 2024, we made good progress on our ESG Strategy. The Health & Wellbeing pillar delivered strong results. We launched The Upside, a mental wellbeing podcast and video series sponsored by AIA NZ, and published our inaugural Claims Compass connecting with New Zealanders around the country. In 2024 AIA NZ continued its long-standing charity partnerships with the Mental Health Foundation and Heart Foundation including AIA Vitality member campaign activations, and planted 4,240 native trees through environmental partner, Trees That Count. A significant proportion of our emissions footprint is derived from our investment portfolio. We had two significant achievements in the Sustainable Investment pillar in 2024; moving part of our equity portfolio into Betashares’ NZ Sustainability Leaders Fund which tracks a locally developed
ESG index and implementing MSCI reporting software that will provide greater insights into the ESG risks in our portfolio. Under our Sustainable Operations pillar we began the renovation of our Auckland offices, resulting in a reduction of our office footprint as well as sustainability upgrades to both the building and interior fitout. We also replaced much of our existing vehicle fleet with hybrid vehicles and initiated a project to digitalise our customer communications. Across our People & Culture pillar, we continue to embed Diversity, Equity, Inclusion and Belonging into the heart of our workplace. This includes a strong focus on Accessibility through the Accessibility Tick, an ongoing commitment to Rainbow inclusion through the Pride Pledge, and gender equity through GenderTick and Champions for Change. These initiatives are more than symbolic, they reflect our genuine belief in, and dedication to, fostering a workplace where everyone feels seen, heard and valued.
AIA NZ maintains a firm commitment to operating with the highest standards of business practices which is supported by the Effective Governance pillar. AIA NZ was honoured to receive the Financial Services Council Award for Excellence in Sustainability Practices in 2024. While there is more to be done, we are proud of what we were able to achieve in 2024.
healthiest and best protected nations in the world.”
DAME THERESA GATTUNG AIA NZ BOARD CHAIR
NICK STANHOPE CEO AIA NZ
3. AIA largest life insurer in NZ by market share. Source: Financial Services Council (March 2025)
AIA New Zealand Limited Sustainability Report 2024
5
ESG STRATEGY
ENVIRONMENT, SOCIAL & GOVERNANCE STRATEGY
Our ESG strategy serves as the foundation of our ambition to create long-term value for our stakeholders. ESG is deeply embedded in our business strategy, operations and decision making, ensuring that it drives meaningful impact. With this approach, we aim to unlock new opportunities and foster a sustainable ecosystem in an ever- evolving global landscape. Our strategy is built on a framework of robust governance and accountability, with strong leadership oversight, transparent reporting and a commitment to ethical business practices.
ESG is integrated across our organisation through five key pillars: Health & Wellbeing, Sustainable Investment, Sustainable Operations, People & Culture and Effective Governance. The table below provides an overview of these core pillars that define our ESG strategy and priorities that clearly articulate and underpin our progress. Our ESG strategy supports a number of the United Nations Sustainable Development Goals . Alignment is indicated by the relevant icons in the diagram below.
Ensuring Green Buildings
Deepening ESG Engagement
Supporting Development and Career Progression Accelerating Progress in Diversity and Inclusion
Engaging Communities
Board Governance
Improving Access to Quality Healthcare Building Better Integrated Health and Wellness Outcomes
Improving Our Environmental Performance
Augmenting ESG Training and Capacity
Ensuring Effective Risk Management and Responsible Business Practices
Advancing Digital Transformation
ESG integration into investment portfolios
Strengthening Risk Awareness
Promoting ESG Best Practices
Encouraging Good ESG Practice
Enriching and Rewarding Opportunities for All
i n
a t
AIA New Zealand Limited Sustainability Report 2024
6
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
HEALTH & WELLBEING HAUORA
STRATEGIC PILLAR
AIA New Zealand Limited Sustainability Report 2024
7
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
HEALTH & WELLBEING HAUORA
PILLAR
STRATEGIC PRIORITIES
2024 PROGRESS
SUSTAINABLE DEVELOPMENT GOALS
HEALTH & WELLBEING
1. Engaging Communities Engage communities to improve their physical, mental and environmental wellbeing while championing financial inclusion.
• Supporting AIA Group’s One Billion initiative, 16 million engagements inspiring New Zealanders to improve their physical, mental and environmental wellbeing while championing financial inclusion. • We launched The Upside, a video and podcast series featuring well-known and inspirational New Zealanders who have been through mental health issues and are now back on the up. • Contributing to healthier communities and environment through our charity partnerships with Heart Foundation, Mental Health Foundation and Trees that Count.
As the largest life insurance company 4 in Aotearoa New Zealand, we are committed to our Purpose of helping New Zealanders live Healthier, Longer, Better Lives.
SDG 3
SDG 10
SDG 8
Good Health and Well- being
Reduced Inequalities
Decent Work and Economic Growth
2. Improving Access to Quality Healthcare Provide greater access to quality care, relevant and timely information, diagnoses, treatment and rehabilitation.
• • •
Almost 800k New Zealanders protected by AIA NZ. We accepted 92% of all claims received in 2024.
We paid $829.6m total in claims 5 –
We paid over $97.2 million in income protection insurance claims with an additional $1.38 million via our AIA 360 Care programme to assist with rehabilitation support. – $167m paid in health claims • We launched our first AIA NZ Claims Compass with a spotlight on cancer claims. • AIA Vitality marked its fifth New Zealand birthday in 2024, and as at December 2024, AIA Vitality members had completed more than 25,000 free AIA Vitality Health Checks. • Improvements in glucose and blood pressure ranges were observed in AIA Vitality members completing two or more AIA Vitality Health Checks 6 : – 80% have moved to a healthy glucose range from a higher risk range. – 23% have moved to a healthy BMI/body composition from a higher risk level. – 57% have moved to a healthy blood pressure range from a higher risk range. • Our AIA Vitality MoleMap campaign identified 111 malignant (including 10 melanoma) and 254 pre-malignant lesions.
3. Building Better Integrated Health and Wellness Outcomes Build on our leading integrated health and wellness solutions and reward customers for behavioural improvements.
4. AIA largest life insurer in New Zealand by market share. Source: Financial Services Council (March 2025) 5. Includes GST, surrenders and maturities. 6. Results are based on the health data submitted by AIA Vitality members who have completed two or more AIA Vitality Health Checks at least three months apart as of 31 December 2024.
AIA New Zealand Limited Sustainability Report 2024
8
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
ENGAGING COMMUNITIES
AIA One Billion: Engaging New Zealanders to improve their physical and mental wellbeing In 2024, we have continued to deliver on AIA Group’s AIA One Billion ambition – to engage a billion people across Asia-Pacific to live Healthier, Longer, Better Lives by 2030. Launched in 2022, this bold ambition was set in response to the increasing prevalence of lifestyle-related diseases in populations across Asia-Pacific, and the growing impacts of the environment on our health and wellbeing. AIA One Billion builds on our long- term strategy in Aotearoa to make a difference to the sustainable development of our communities and to engage, educate and inspire New Zealanders to improve their physical, mental and environmental wellbeing while championing financial inclusion. AIA’s One Billion initiative engaged New Zealanders over 16 million times in 2024, which was achieved through a series of engagement touchpoints including campaigns, partnerships, events and community programmes that drive behavioural change and create social impact.
Supporting better mental health: The Upside TV and podcast series To help New Zealanders to live Healthier, Longer, Better Lives, AIA NZ delivered a new branded content series in April 2024 featuring well-known and inspirational New Zealanders who have been through mental health issues, and are now back on the up. Produced in partnership with TVNZ and supported by NZME / iHeart Radio, ‘The Upside’ series covered deep and inspiring topics relevant to a Kiwi audience, shared in both podcast and video formats. Hosted by Scotty Stevenson, a well-known and accomplished broadcaster, The Upside guests included TV and radio personality Jason Gunn, NZ Police Detective Inspector Scott Beard, presenter and comedian Hayley Sproull, legendary All Blacks coach Sir Graham Henry, transgender artist and filmmaker Awa Puna, and Olympic great (and AIA Vitality Ambassador) Dame Valerie Adams.
The six-part series appealed to a broad and diverse audience, reaching over 4 million New Zealanders, helping them live Healthier, Longer, Better lives by sharing meaningful stories about overcoming obstacles and supporting good mental health and wellbeing. It became NZME’s most successful commercial podcast launch to date, and it was the most successful branded content partnership and the top rated wellness content/show on TVNZ+ (June 2023 – June 2024).
THE UPSIDE - NZME’S MOST SUCCESSFUL COMMERCIAL PODCAST LAUNCH TO DATE
21,454 podcast downloads from 11,000+ unique listeners 107,000 total streams on TVNZ+ 22,000 page views of The Upside page on the AIA NZ Content Hub
Top rated content/show on TVNZ+ (June 2023 – June 2024) .
AIA New Zealand Limited Sustainability Report 2024
9
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
AIA Vitality Charity Partnerships Through AIA Vitality, we have partnered with three important organisations who share our commitment to making a difference throughout Aotearoa and helping New Zealanders live Healthier, Longer, Better Lives. Our AIA Vitality members can choose to donate their weekly Active Rewards to these partners, and we drive further engagement with our members and employees to raise awareness and additional donations.
Heart Foundation With over 180,000 New Zealanders living with heart disease 7 , the Heart Foundation is leading the fight against Aotearoa New Zealand’s single biggest killer – heart disease. At AIA NZ we support the Heart Foundation’s proactive approach to heart health and the great mahi (work) the Heart Foundation undertake to raise awareness in our communities. AIA NZ is an active supporter of the Heart Foundation’s annual Big Heart Appeal, which is a great opportunity to boost awareness of the importance of heart health and identify the signs of heart disease. In 2024 we organised a livestream event for our employees to learn about improving their heart health and the importance of eating well, and encouraged them to volunteer during the Big Heart Appeal street collections. We also supported the inaugural May Marathon event with prize packs, encouraging New Zealanders to help raise funds for life-saving heart research while challenging themselves to walk or run 42 km (or more) during May in a month-long commitment to better health.
Mental Health Foundation of New Zealand AIA are proud supporters of the Mental Health Foundation of New Zealand and the mahi they undertake to champion positive mental health and wellbeing for all New Zealanders. We share a common goal with the Mental Health Foundation to encourage all New Zealanders to make positive changes to their health and wellbeing to live Healthier, Longer, Better Lives. We support a number of annual campaigns to raise awareness and funds, such as: •
Trees That Count
CHRISTMAS APPEAL
“Guided by our Purpose, we’re helping build healthier communities
Trees That Count is a national charity that mobilises businesses, planters and individuals to restore the unique biodiversity of Aotearoa New Zealand, take action on climate risk and grow a brighter future through the planting of native trees. We know the environment has a direct impact on the health and wellbeing of our customers, our employees and our communities, and by taking action to drive positive environmental change, we can support greater health and wellbeing, while also helping to grow a cleaner and greener Aotearoa. Through our partnership with Trees That Count we have our Memorial Tree Planting programme, where for each of our life insurance customers who have recently passed away, AIA NZ fund the planting of a native tree in their memory. We feel it is a unique and meaningful way to honour the memory of our life customers while helping to restore flora and fauna for future generations. We also organise an annual Memorial Tree Planting Day for our employees, partners and AIA Vitality Ambassadors to take part in, which is always a great day out doing good in nature. In 2024, we reached the milestone of having planted over 20,000 trees with Trees That Count since our partnership began.
In 2024, our employees supported De Paul House in our local area on Auckland’s North Shore, who provide whanau/ families living in poverty or hardship with housing and a place where they can gain valuable support and skills to improve the future for themselves and their children.
across Aotearoa New Zealand by inspiring people to enhance their physical, mental, and environmental wellbeing.”
Pink Shirt Day, which is about speaking up and standing together to stop bullying – Kōrero Mai, Kōrero Atu, Mauri Tū, Mauri Ora. It is a day to celebrate diversity and promote kindness and inclusion. We encourage our people and partners to get involved – whether it’s donning a pink shirt, sharing kind words with a team member, or attending educational webinars. Mental Health Awareness Week , which raises awareness
MADDIE SHERLOCK
AIA NZ CHIEF CUSTOMER OFFICER
•
The AIA team collected a large amount of non-perishable food items which were turned into Christmas food hampers, containing every-day essentials as well as some festive treats, for 60 families supported by De Paul House. The hampers were a well- received treat that helped spread some Christmas cheer!
of the different ways to boost mental wellbeing.
We promote this campaign through various channels to increase awareness and drive engagement with both our AIA Vitality members, and our employees.
7. https://www.heartfoundation.org.nz
AIA New Zealand Limited Sustainability Report 2024
10
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
“Having meaningful, sustainable partnerships with organisations like AIA Vitality enables the Heart Foundation to make critical advancements in the fight against heart disease. With their support, we can work together to provide life-saving support to New Zealanders living with heart disease, prevent premature loss and keep families together, for longer. We are incredibly grateful for AIA Vitality’s efforts in key Heart Foundation initiatives, such as raising vital funds in our annual Big Heart Appeal and helping to spread key information about heart health and wellness.”
“AIA’s long-lasting sponsorship of the Mental Health Foundation of New Zealand is a powerful recognition of the critical role that positive mental health and wellbeing plays in ensuring everyone in Aotearoa New Zealand thrives. One in five New Zealanders will experience a mental health challenge this year. Working together with valued sponsors like AIA, helps to give New Zealanders evidence-based tools to care for their wellbeing every day. I’m always humbled by the way AIA staff get stuck in to support our kaupapa with activations. Our relationship is much more than transactional. It’s a genuine partnership that sees us working together to uplift the mental health and wellbeing of your staff, your customers, and the communities where you live and work.
“At Trees That Count, everything we do is aimed at planting millions more native trees: to increase biodiversity, take action on climate change, and for stronger, healthier communities across Aotearoa. Together with AIA, we share a goal to support healthier New Zealanders - and know that native trees provide a multitude of benefits to both people and planet. From donating native trees through AIA Vitality and on behalf of life claimants, mucking in at AIA’s annual staff planting day together, to raising awareness in joint campaigns to AIA customers we’re working together to improve the health of our land, and in turn - people. Ehara tāku toa i te toa takitahi, engari takimano. My strength is not that of an individual but that of the collective.”
JAIMI FRASER HEART FOUNDATION (2024)
Together, we are making a change. Tēnā koe e tautoko ana i a Te Hauora Hinengaro o Aotearoa.”
ROBYN HAUGH TREES THAT COUNT (2024)
SHAUN ROBINSON MENTAL HEALTH FOUNDATION (2024)
AIA Vitality Ambassadors Dame Valerie Adams and Ian Jones join AIA staff volunteers at Shakespear Regional Park for the annual AIA NZ tree planting event in June 2024
AIA NZ employees supporting Big Heart Appeal street collections in 2024
AIA NZ staff supporting Pink Shirt Day 2024
AIA New Zealand Limited Sustainability Report 2024
11
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
IMPROVING ACCESS TO QUALITY CARE
By the numbers – AIA NZ’s 2024 claims 8
(For the year ended 31 December 2024)
TOTAL PERMANENT DISABLEMENT $23.9m CLAIMS PAID
HEALTH $167m CLAIMS PAID
LIFE $298.1m CLAIMS PAID
INCOME PROTECTION $97.2m CLAIMS PAID
TRAUMA $139.5m CLAIMS PAID
797K OVER NEW ZEALANDERS PROTECTED 92% WE ACCEPTED OF ALL CLAIMS RECEIVED
54% CANCER
25% MUSCULO SKELETAL
59% CANCER
31% MUSCULO SKELETAL
23% MUSCULO SKELETAL
$829.6M WE PAID TOTAL IN CLAIMS 9
19% HEART
21% CANCER
16% HEART
25% MENTAL HEALTH
22% NEUROLOGICAL
9% NEUROLOGICAL
15% DIGESTIVE
11% NEUROLOGICAL
16% NEUROLOGICAL
14% MENTAL HEALTH
LIFE INSURANCE ACCOUNTED FOR 41% OF ALL CLAIMS
4% RESPIRATORY
14% SENSE ORGAN
8% MUSCULO SKELETAL
13% CANCER
7% CANCER
$167M IN HEALTH CLAIMS WE PAID
In 2024, we saw a 16% increase in health claims due to escalating costs and increased need for healthcare.
Cancer continues to be the most common reason for people to claim on trauma insurance.
We paid over $97.2 million in income protection insurance claims, with an additional $1.38 million via our AIA 360 Care programme to assist with rehabilitation support.
Those aged between 50-59 are the largest group to claim on total permanent disability claims.
Most life insurance claims were for those aged between 50-59, with 49% of claims relating to cancer.
8. As reported by the AIA NZ Business Insights team. The standard rule of rounding has been applied. 9. Includes GST, surrenders and maturities.
AIA New Zealand Limited Sustainability Report 2024
12
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
Introducing the AIA NZ Claims Compass At AIA NZ, we’re committed to helping New Zealanders live Healthier, Longer, Better Lives and understand that both preventative health and education play a crucial role in this. In 2024, we launched our new AIA NZ Claims Compass report, which reveals cancer is responsible for the highest number of AIA NZ insurance claims across all insurance categories. Breast cancer (33.4%) and melanoma and skin cancers (20.3%) are comfortably the leading cancers we receive claims for. These figures underline the importance of regular screening and early detection.
As New Zealand’s largest life insurer, we help protect almost 800,000 New Zealanders. Our extensive claims data provides us with valuable insights into population health and we use our unique claims insights to design our own investments in preventative health measures for customers, relieving demand-side pressure on the public health system. By sharing our claims insights we hope we can inspire more New Zealanders to take small steps to improve their health and protect themselves and their loved ones as they age.
CASE STUDY A STORY OF HOPE Most people will never have the opportunity to for a second chance at life – but for Dean Blair, that’s exactly what happened.. As a result of a mountain biking accident more than a decade ago, Dean snapped his neck in two places, leaving him completely incapacitated. Lucky to be alive, he faced the challenge of relearning all the simple tasks most people take for granted – everything from standing and walking, through to feeding himself. It was a mentally challenging journey and brutal recovery period – despite being offered wellbeing support at the time, Dean declined it, feeling optimistic with his second shot at life. This decision came back to haunt him, when years later, he suffered a foot injury. Feeling as though he deserved the injury as punishment for not fulfilling his second chance at life, Dean’s whole world imploded. After turning to a friend for support and being directed to a helpline, Dean was encouraged to reach out to his insurance provider to see what help was available. As a result, he received financial support and a comprehensive treatment plan for his severe depressive disorder.
Learn more about Dean and how the AIA 360 Care programme helped him to turn his life around.
AIA Claims Testimonial from Dean Blair: Watch on YouTube
AIA NZ Claims Compass #2: Click to view PDF online
AIA New Zealand Limited Sustainability Report 2024
13
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
BUILDING BETTER INTEGRATED HEALTH AND WELLBEING OUTCOMES
Healthy future ahead as AIA Vitality turns five! AIA Vitality marked its fifth New Zealand birthday in 2024, with the science-backed health and wellbeing programme removing financial barriers, providing tools and using incentives and rewards to help its 68,000+ members get more out of life and start thriving. Results 10 from AIA NZ show that since the launch of AIA Vitality in Aotearoa New Zealand, Kiwi members have been inspired to live Healthier, Longer, Better Lives every single day. From supporting members to shift their key health markers into a healthy range, to an encouraging increase in physical activity, AIA NZ believes its AIA Vitality programme is making a measurable difference.
– 80% have moved to a
The AIA Vitality programme enriches the relationship with customers by making AIA NZ a daily partner in life, where it directly affects lifestyle changes, stimulates medical screenings, prevention and early detection and provides a mechanism to access health services more affordably. Skin cancer is the most common cancer in New Zealand. AIA New Zealand’s 2024 AIA Vitality annual MoleMap campaign resulted in a 31% increase of year-on-year skin cancer assessments, driving tangible health outcomes for members with 111 malignant (including 10 melanoma) and 254 pre-malignant lesions being identified.
AIA Vitality Starter was also officially launched for all eligible ASB employees as part of ASB’s wellbeing programme. ASB, our long-term strategic partner, is the first external company to offer AIA Vitality Starter as an employee benefit. In the first week, nearly 1,000 ASB employees signed up to the programme – an amazing outcome, as we look to embed AIA Vitality across the ASB network and drive a healthier workforce that showcases our commitment to helping New Zealanders live Healthier, Longer, Better Lives.
healthy glucose range from a higher risk range.
– 23% have moved to a healthy BMI/Body composition from a higher risk composition. – 57% have moved to a healthy blood pressure range from a higher risk range. Since launching in 2019, AIA Vitality members have taken 108,476,912,500 steps - enough to walk the length of Aoteroa New Zealand 27,000 times.
SINCE LAUNCHING IN 2019:
68,000+ members 25,000+ free health checks 395,000+ in-app health & wellbeing assessments 79,000+ in-app mental wellbeing assessments
REWARDS REDEEMED:
$6M
•
in weekly Active Rewards
$5M
in Status Rewards
In April 2024, a new and improved AIA Vitality app was launched with enhanced features and functionality to improve customer experience and further support members on their health and wellbeing journey. The refreshed app has a new look and feel, as well as increased security via multi-factor authentication during the log-in process, a new voucher wallet to view and access rewards, a streamlined AIA Vitality Age Assessment, and a new Financial Wellbeing Assessment.
•
On average, an AIA Vitality member in Aoteroa New Zealand completes at least one health and wellbeing assessment available in the app every 15 minutes. AIA Vitality members have performed more than 25,000 free AIA Vitality Health Checks, and since becoming AIA Vitality members 11 :
•
Learn more about AIA Vitality
10. As reported by AIA NZ Business Insights team as of 31 December 2024. 11. Results are based on the health data submitted by AIA Vitality members who have complete two or more Vitality Health Checks at least three months apart as of 31 December 2024.
AIA New Zealand Limited Sustainability Report 2024
14
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
SUSTAINABLE INVESTMENT
HAUMITANGA TOITŪ
STRATEGIC PILLAR
AIA New Zealand Limited Sustainability Report 2024
15
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
SUSTAINABLE INVESTMENT HAUMITANGA TOITŪ
PILLAR
STRATEGIC PRIORITIES
2024 PROGRESS
SUSTAINABLE DEVELOPMENT GOALS
SUSTAINABLE INVESTMENT
1. Deepening ESG engagement Deepen ESG engagement with fund managers.
• We have been engaging with local fund managers to develop ESG benchmarked funds.
Aligned with our commitment to a sustainable future, our investment approach balances climate goals with strong financial performance.
SDG 7 Affordable and Clean Energy
SDG 12
SDG 13
SDG 16 Peace, Justice
Responsible Consump- tion and Production
Action Climate
2. Augmenting ESG training and capability Augment knowledge and capacity among our investment analysts through training initiatives. 3. ESG integration in investment portfolios Broaden portfolio inclusions by specific considerations of green bonds, sustainability bonds, renewable and alternative energy and infrastructure. Enhance portfolio exclusions in consideration of our objective to secure long-term investment outcomes.
• We continue to attend key ESG sustainable investment seminars and conferences to deepen the team’s ESG capability.
and Strong Institutions
• We have progressed the migration of our equity portfolios to ESG benchmarked funds. • We continue to embed consideration of ESG factors into our bottom-up investment processes. This has resulted in favouring renewable energy producers and green bonds where available. • We have implemented reporting software which provides us with greater insights into the ESG impact of our investments and prepares us for mandatory scope 3 GHG reporting under the Climate-related Disclosures regime in 2025.
Report annual climate disclosures.
AIA New Zealand Limited Sustainability Report 2024
16
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
BRINGING SUSTAINABLE INVESTMENT TO LIFE
OUR $1.6B ASSETS UNDER MANAGEMENT AT 31 DECEMBER 2024 WERE SPLIT AS SHOWN:
Deepening ESG engagement We continue to engage with fund managers to drive meaningful improvements in ESG awareness and practices and develop sustainable investment solutions that align to the AIA Group ESG strategy. We also continue our engagement with Aoteroa New Zealand bond issuers to understand their progress towards climate commitments and reporting.
ESG integration into investment portfolios In 2024 AIA NZ invested into a new sustainable Aoteroa New Zealand equities fund, the Betashares NZ Sustainable Leaders Fund. The objective of the fund (similar to other Betashares funds) is to track the performance of indices (before fees and expenses) that include a portfolio of stocks that have passed Betashares’ positive screens as well as negative screening to exclude companies with direct or significant exposure to fossil fuels or which engage in activities deemed inconsistent with responsible investment considerations. We continue to work with fund managers to align the remainder of our NZ equities exposure to the S&P/NZX 50 ESG Tilted 15/40 Capped Index. In 2024 we successfully implemented MSCI ESG reporting software. This software provides a significant uplift in our ESG reporting capabilities and provides greater transparency over the ESG risks in our investment portfolios and assets.
37%
3%
Managed through exclusions
Cash and Cash equivalents
10%
ESG Benchmarked funds
50%
Government/Local Government investments
AIA New Zealand Limited Sustainability Report 2024
17
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
TUKANGA TOITŪ SUSTAINABLE OPERATIONS
STRATEGIC PILLAR
AIA New Zealand Limited Sustainability Report 2024
18
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
SUSTAINABLE OPERATIONS TUKANGA TOITŪ
PILLAR
STRATEGIC PRIORITIES
2024 PROGRESS
SUSTAINABLE DEVELOPMENT GOALS
SUSTAINABLE OPERATIONS
1. Ensuring greener buildings Ensure that all new buildings and any redevelopment targets work within the industry recognised green building standards.
• We progressed the refurbishment of AIA House in 2024. Sustainable building practices were central to the refurbishment. Our landlord, Smales Farm, targeted a 5-star NABERSNZ rating for the base building of AIA House. Other improvements include: – Improved end-of-trip facilities and bike parking. – For our internal fitout, we targeted the highest possible (3 star) rating under the Fitwel standard. • As part of the move from AIA House into our temporary locations, we ensured we minimised waste going to landfill, with our All Hearts impact report showing 235,569kg at an estimated value of $605k were diverted from landfill to charitable organisations and schools. • A significant portion of the waste produced from the refurbishment of AIA House was recycled where possible rather than sent to landfill. • AIA CAN Silver status achieved - AIA CAN is a Group-wide eco-office movement aimed at raising sustainability practices within AIA offices. • Maintained our commitment to Toitu Carbonreduce certification • We are fast-tracking the digitalisation of our customer communications which is expected to deliver a number of improvements: – Reduction in printer numbers and printing volume. – Increased percentage of digital transactions and communications across buy, service, claim.
Building healthier communities starts with embedding sustainability into every aspect of our workplaces, operations and value chain.
SDG 7 Affordable and Clean Energy
SDG 9
SDG 12
SDG 13
Industry, Innovation and Infra- structure
Responsible Consump- tion and Production
Action Climate
2. Improving our environmental performance Reduce our carbon footprint, while also measuring and managing the amount of waste produced from our operations.
3. Advancing digital transformation Increase digitalisation and automation to reduce the usage of paper.
4. Encouraging good ESG practice Encourage improvements in vendors’ ESG performance.
• We continue to assess new material vendor arrangements against our ESG strategic priorities as part of our vendor selection process.
AIA New Zealand Limited Sustainability Report 2024
19
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
The conference attracted more than 3,000 live viewers and engaged close to 900 employees at local in- person watch parties. The conference was presented on a gamified platform where employees could participate in interactive activities, games and quizzes to learn tips on taking sustainable action. Participation in the activities also earned employee points that were converted to monetary contributions for social and environmental impact projects in Asia.
In 2024, AIA Group launched AIA CAN, a Group-wide, multi-year eco- office movement aimed at raising the awareness of sustainability practices within the office, inspiring employees and driving behavioural change across six areas: • waste management • energy usage • water usage • travel and transportation • sustainable procurement • environmental wellness. AIA CAN is supported by a guidebook and checklist that helps local AIA businesses run sustainability-related employee programmes in their markets. A purpose-built digital dashboard tracks and measures the progress of each business unit. Throughout 2024, ESG representatives across AIA Group actively completed eco-office initiatives in the AIA CAN checklist, such as replacing personal bins with communal recycling bins, using energy-efficient LED lighting, and promoting the use of reusable items within the office.
Business units also organised sustainability events such as beach clean-ups, recycling workshops and more, aimed at engaging employees in creating a more sustainable workplace and fostering their sense of environmental responsibility. AIA NZ achieved silver status in 2024. Our Whai Ora week provided an excellent platform for our AIA Can initiatives which included a recycling store hosted by Auckland Council and a pop-up bookswap. We also organised a guided e-bike ride through Auckland Transport Travelwise. Our AIA Vitality Ambassador Ian Jones joined our employees as they learnt about cycling commuting. Other initiatives such as our Winter Energy Quiz and annual tree planting event both proved to be a great success. A gamified virtual launch AIA Group launched AIA CAN via a virtual conference featuring Group Chief Executive and President Lee Yuan Siong, Executive Committee members, business unit CEOs and sustainability changemakers, who discussed the urgent need for climate action.
SILVER AIA NEW ZEALAND SCORED 2024
50–69 POINTS
WASTE MANAGEMENT
ENERGY USAGE
WATER USAGE
20
Max score
Max score
Max score
20
5
TRAVEL & TRANSPORTATION
SUSTAINABLE PROCUREMENT
ENVIRONMENTAL WELLNESS
Max score
Max score
Max score
15
20
20
100
MAX TOTAL SCORE
AIA New Zealand Limited Sustainability Report 2024
20
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
BRINGING SUSTAINABLE OPERATIONS TO LIFE
Our Future Workplaces As we re-imagine the future of work, it became clear in 2023 that the AIA NZ head office in Auckland was no longer fit-for-purpose for our people. A 12-month refurbishment of AIA House was announced and Auckland employees moved to temporary premises. As part of the move into temporary locations, we ensured waste going to landfill was minimised.
Sustainability Champs e-bike trial ride Did you know that almost half of our employees live less than 10km from work? For those who live close, many choose active commuting options (walking/running, cycling, scootering), and we also have a reasonable proportion of employees using public transport (bus, train, ferry) for at least part of their journey. However, the majority of employees still travel to and from work by car. To support our sustainability goals, AIA NZ wants to encourage the team to increase their use of multi- modal transport i.e. walking, cycling, public transport. Through the Sustainability Champs employee commuting workstream, we are engaging with Auckland Transport’s Travelwise programme, alongside Smales Farm, to understand what could be achieved collectively to help lower emissions and congestion for commuters to Smales Farm.
In March 2024, AIA NZ team members alongside AIA Vitality Ambassador, Ian Jones, undertook a guided e-bike ride around Lake Pupuke. Run in conjunction with Travelwise, this was a great opportunity to trial riding an e-bike, show a number of connections in and out of Smales Farm and learn from experienced instructors about cycle commuting.
•
Excess items were offered to employees in return for a charity donation, with around $12,000 raised for our charity partners, Heart Foundation, Mental Health Foundation and Trees That Count. 100% of remaining excess office furniture and equipment was sustainably redirected through All Hearts to schools and charitable organisations with an estimated community value of $605k. All Hearts estimated the carbon emissions avoided by not sending these 7,190 items (weighing 235,569kg) to landfill was 152 tonnes.
•
AIA NZ team members alongside AIA Vitality ambassador, Ian Jones, undertake a guided e-bike ride around Lake Pupuke, Takapuna.
AIA New Zealand Limited Sustainability Report 2024
21
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
NGĀ TĀNGATA ME TE AHUREA MAHI PEOPLE & CULTURE
STRATEGIC PILLAR
AIA New Zealand Limited Sustainability Report 2024
22
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
PEOPLE & CULTURE NGĀ TĀNGATA ME TE AHUREA MAHI
PILLAR
STRATEGIC PRIORITIES
2024 PROGRESS
SUSTAINABLE DEVELOPMENT GOALS
PEOPLE & CULTURE
1. Supporting development and career progression Engage our employees to deliver their best. Foster a learning culture that supports the development of our people.
• Strong employee engagement which ranks us in the top 15% of organisations in the Gallup Finance and Insurance benchmark 12 . • Launched new cohorts of our internal leadership development programmes, The CEO Think Tank, HIKITIA MAI Women in Leadership and Emerging Leaders. • An average of 26.1 hours training hours per employee (target 24 hours of learning per person for 2023). • We maintain annual partnerships with TupuToa and First Foundation to offer internships, sponsorships, and mentoring opportunities that support the development of emerging leaders from Māori, Pasifika, and diverse socio-economic backgrounds across Aotearoa. • We partnered with Pride Pledge to deepen our commitment to rainbow inclusivity. • We achieved Advanced GenderTick status for the second consecutive year. • We were awarded the Accessibility Tick for the second year in a row. Noted as a market- leading organisation for our Neurodiversity Toolkit, we have also made significant forward momentum with the launch of the Hidden Disabilities Sunflower programme for our people.
At AIA NZ, we’re committed to empowering our people to grow – professionally and personally. Whether it’s through the work they do, the careers they build, or the impact they make, we support them in finding their ‘better’. Our culture is built on nurturing talent, developing leaders and strengthening workforce capability, ensuring everyone has the opportunity to reach their potential.
SDG 4
SDG 5
SDG 8
SDG 16 Peace, Justice
Quality Education
Gender Equality
Decent Work and Economic Growth
and Strong Institutions
2. Accelerating progress in diversity and inclusion Promote workplace diversity and advance our culture of innovation and inclusion and belonging.
3. Culture of ethics and risk management Embed a culture of ethical decision making and strong risk management. 4. Enriching and rewarding opportunities for all Ensure fair, accountable, and equitable processes for employment progression, and rewards.
• 100% of employees acknowledged compliance with Code of Conduct on an annual basis (Target: 100%) 13
• Winner of the Corporate Talent Team of the Year at the 2024 Internal Talent Awards. • Awarded ‘Most Diverse Insurance Companies in Australia and NZ and with 5-Star DE&I Initiatives’ by Insurance Business. • In August 2024, we hosted our third annual Whai Ora Day employee wellbeing expo. • Our investment in strategic workforce planning helps us identify future capability needs, build learning and career pathways, and support succession planning for critical roles.
12. Employee Engagement Survey 2024 AIA New Zealand – Gallup Insights 13. Internal learning module results via Workday, 2024
AIA New Zealand Limited Sustainability Report 2024
23
PRIORITIES & PROGRESS: HEALTH & WELLBEING | SUSTAINABLE INVESTMENT | SUSTAINABLE OPERATIONS | PEOPLE & CULTURE | EFFECTIVE GOVERNANCE
BRINGING PEOPLE & CULTURE TO LIFE
Employee Engagement Survey At AIA NZ, we we’re proud of our exceptional workplace and people, and we use our annual Gallup survey to drive ongoing improvements through the voice of our people. Our 2024 employee survey results demonstrate our success:
People development programmes In 2024, we launched new cohorts of each of our internal people development programmes. The CEO Think Tank aims to develop an innovation mindset, design thinking skills, presentation skills, teamwork and networking with the wider business. This cohort, which included 16 participants from across seven business units, were split into teams of four and tasked with pitching their proposals on current business challenges. The full programme amounted to 59 learning hours per participant and since programme completion in September, six people have been promoted. HIKITIA MAI (“Lift me up” in Te Reo) is a targeted leadership programme, investing in our current and emerging female leaders. The programme is a blend of face-to- face workshops, digital learning and coaching. Our 2024 cohort included 15 participants from across seven business units. The full programme amounted to 32.5 learning hours per participant. Overall satisfaction of the programme was 88% and 98% of participants would recommend the programme to a colleague. Since completion in July, one participant has been promoted.
Emerging Leaders aims to develop skills and knowledge to support leadership development. The programme took place over three half-day workshops, over a three-month period. Our 2024 cohort included 12 participants from across five business units. The full programme amounted to 41 learning hours per participant and since programme completion in April, six people have been promoted.
94% participation rate.
• •
Engagement increased from 2023. Ranked in the top 15% of organisations in the Gallup Finance and Insurance benchmark.
•
AIA NZ CEO Think Tank Cohort 2024
WOMEN AT AIA NZ As of December 2024
48% of leadership roles filled by women
5 out of 7 Board members are women
AIA New Zealand Limited Sustainability Report 2024
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30Powered by FlippingBook