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AIG announces second ESG report

AIG announces second ESG report | Insurance Business UK

AIG announces second ESG report

American International Group (AIG) released its 2021 Environmental, Social and Governance Report on Monday.

The latest ESG report builds on AIG’s inaugural report, published last year, which provided the company's first holistic view of its ESG efforts. The 2021 report’s theme is “reimagining what AIG can do,” and the report explores the positive outcomes the company can deliver to clients, distribution partners, shareholders, communities and other stakeholders.

“We are reimagining how to leverage AIG’s expertise and differentiators in ways that improve and sustain communities for generations to come,” said Peter Zaffino, chairman and CEO of AIG. “Our high standard of transparency reinforces our commitment to take ownership when it comes to AIG’s ESG journey.”

“Each component of ESG is intrinsic to AIG’s business strategy and long-term growth,” said Constance Hunter, AIG executive vice president and global head of strategy and ESG. “Whether it is the magnitude and uncertainty around the transition to a net-zero carbon future, the measurable economic benefits of greater social inclusion in company results, or the stronger reputations of companies with exceptional ESG governance, ESG factors are critical to the financial outcomes of businesses and the socioeconomic outcomes of the societies in which they operate.”

The 2021 report represents AIG’s second year of aligning with SASB and GRI disclosure guidelines and fourth year of aligning with TCFD. examples of the report’s transparency on AIG’s ESG progress include:

  • Expanded climate disclosure and details on AIG’s net-zero greenhouse gas commitments across its operations, underwriting and investments. The report now includes broader third-party emissions and estimates underwriting emissions globally. It also details progress on the company’s operational commitment made last year
  • Enhanced diversity data, including a global view of gender representation in addition to ongoing data on ethnic representation in the US. Last year, 52% of AIG job placements globally were female, 45% of US placements were ethnically diverse and 36% of open executive leadership positions in the US were filled with ethnically diverse candidates
  • Additional disclosure on talent acquisitions and development. Although placements increased by 20%, the company’s average time to fill positions decreased by seven days compared to 2019
  • Disclosures regarding the company’s continued investment in corporate citizenship, including more than $25 million in 2021 contributions to nonprofit organisations through two-to-one matching of employee donations and other funding, the establishment of the AIG Compassionate Colleagues Fund, which aids employees facing financial hardship, and the expansion of the company’s paid Volunteer Time Off program from 16 hours per employee in 2021 to 24 hours per employee in 2022.