Samsung Life Insurance

Decision-making and oversight responsibility for Samsung Life Insurance sustainability strategy is assigned to the highest governance body, while the implementation responsibility is delegated to designated functions, teams, or committees within the institution.

The institution actively monitors its Scope 1-2 emissions as well as the emissions resulting from its associated financing activities. Furthermore, it discloses the amount and/or share (in monetary terms) of products, services, and capital provided to usually excluded groups, as defined by the institution itself. The financial institution also has publicly available policy statements committing to respect ILO core labour rights and expecting its suppliers to uphold the same standards.

Samsung Life conducts a materiality assessment to identify significant topics through internal and external analysis and the institution employs a double materiality assessment for ESG and financial impacts. However, there is no evidence detailing how it prioritises the material impacts. Furthermore, it could link performance criteria for remuneration at the senior executive level to specific sustainability targets, disclose third-party assurance for target reporting and clarify the extent of its political contribution policy. Moreover, the institution states it does not support certain fossil fuel projects but does not specify all fossil fuels. It is a member of the Taskforce on Nature-related Financial Disclosures but has not reported under it as of 2024. While it discloses operational details by country, it lacks employee and revenue data.

It is recommended that the institution disclose the breakdown of clients or beneficiaries by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks. Moreover, the institution could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.