ICICI Prudential Life Insurance spends Rs. 6 Cr on social development in FY22

NEW DELHI (CSR India): “The company has spent Rs. 68.2 million for the financial year 2022 towards CSR programs compared to Rs. 67.6 million to be spent, or 2.02% of the average net profit earned over the three financial years precedents, under Section 135 of the Companies Act 2013. An excess amount of Rs. 1.0 million (Rs.10 Lakh) spent by the company as CSR expenses during the financial year 2021 were offset in fiscal 2022,” the company said.

ICICI Prudential Life Insurance is committed to integrating sustainability into its business processes and as a way of doing business. In this context, they adopted the ESG reference framework in 2020 and their ESG initiatives are monitored at the highest level by the Sustainability Steering Committee made up of members of the Management Committee. She believes that embracing ESG is vitally important to creating long-term value for all stakeholders, as it enables them to go beyond profits to encompass people, goals and the planet.

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CSR: Contributing to society

ICICI Prudential Life Insurance’s CSR budget for the financial year 2022 was Rs. 67.6 million (Rs. 6.76 Crores). The company has spent Rs. 68.2 million (Rs.6.82 Crores) on COVID-19 pandemic support and CSR initiatives

CSR initiatives

The Company donates 70% of its annual CSR budget to the ICICI Foundation for Inclusive Growth (ICICI Foundation) which undertakes CSR initiatives for the ICICI Group and the remaining 30% of the CSR funds are deployed to undertake various initiatives to directly serve underserved people.

ICICI Prudential Life Insurance has taken numerous CSR initiatives in segments such as consumer awareness and education, education and skills and sustainable livelihoods, environmental sustainability and ecological balance and health care. health.

The company strives to proactively support meaningful socio-economic development in India and enable many people to participate in and benefit from India’s economic progress.

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“Our Corporate Social Responsibility (CSR) policy is our commitment to provide resources and support activities focused on improving economic and social development by supporting programs around the priority areas of education, skills development and sustainable livelihoods, health care for the disadvantaged, by encouraging employee volunteerism and expanding support for disaster relief and rehabilitation,” the company said.

The company supports the ICICI Foundation project on Skills Development through Sustainable Livelihoods. ICICI Academy for Skills (Academy) provides vocational training to young people from economically weaker sections so that they can undertake economic activity for a sustainable livelihood. The Academy offers industry-tailored, employment-focused skills training in 14 technical and clerical skills in 28 operational centers across the country. The company supported 1,558 interns in fiscal year 2022.

Source:
India CSR I June 27, 2022

Joel C. Hicks