Tongyang Life Insurance announced on the 8th that it has published its 2024 sustainability management report to transparently share key activities and achievements related to ESG (Environmental, Social, Governance) management for a sustainable future with stakeholders.
This report was prepared in accordance with global sustainability reporting standards set by the Global Reporting Initiative (GRI). Through materiality assessment, it identified seven key issues: enhancing information security and customer privacy protection, compliance and ethical management, strengthening risk management, promoting sound governance structure, enhancing financial consumer protection, innovation in digital technology, and sustainable business. It also contains activities, achievements, and mid-to-long-term plans related to these issues.
In the environmental (E) institutional sector, they received recognition for establishing an internal eco-friendly system, obtaining the International Organization for Standardization (ISO) 14001 certification. They also invested 481.3 billion won in green and eco-friendly bonds, reinforcing their sustainable finance portfolio. Last year, they collaborated with the Seoul city government to establish a 236-pyeong eco-friendly children's garden in Ttukseom Hangang Park, earning recognition from the Mayor of Seoul for their contribution to climate change response and urban landscape improvement. They plan to gradually improve their office's hot and cold water systems and electrical facilities to systematically reduce carbon emissions and actively respond to climate change.
Tongyang Life Insurance is continuing its proactive efforts in realizing social responsibility. In the social (S) institutional sector, it received recognition from the Governor of Gyeonggi Province in 2024 for providing lodging for participants of the World Scout Jamboree exposed to typhoon risks in 2023. A total of 1,564 employees and agents participated in 4,631 hours of volunteer activities, leading in cooperation with the local community.
To strengthen customer-centric management, they held a consumer-centered management (CCM) declaration ceremony this year and established a task force focused on consumer protection, customer service, and insurance claim assessments, among other efforts to protect customer rights.
In the governance (G) institutional sector, they held a total of 10 board meetings last year, achieving an average attendance rate of 100%, thereby enhancing accountability in board operations. They are also making efforts to establish an ethical and compliant management culture, evidenced by a 100% completion rate of ethics and compliance training for employees and conducting annual training four times for compliance managers.
A representative of Tongyang Life Insurance noted, "As of July 1, we have been integrated into the Korea Financial Group subsidiary, allowing us to pursue ESG management more strategically and systematically in a more robust financial ecosystem." He added, "We will continue to grow as a trusted insurance company that actively responds to environmental changes and fulfills our social responsibilities based on the philosophy of 'respect for life' and 'insurance for people,' which are the essence of life insurance."