Lotte Insurance Declares Strengthening of 'ESG Management'... "Enhancing Environmental Sector"

Printing with Eco-Friendly Materials and Sustainable Asset Management Strategies
Corporate Social Responsibility Extending to Governance and Society

[Asia Economy Reporter Ki Ha-young] Lotte Insurance announced on the 30th that it has declared the strengthening of 'Environmental, Social, and Governance (ESG) management,' encompassing the environmental sector, following its fulfillment of social responsibility through the recent industry-first launch of firefighter insurance services.

ESG management is a business activity that pursues sustainable corporate growth by considering non-financial factors such as environment, society, and governance in addition to financial performance. It has become an important global standard for evaluating companies.

To strengthen the environmental sector, Lotte Insurance has switched all printed materials delivered to customers, including terms and conditions, insurance policies, and DM printouts, as well as diary packages for employees and customers, to eco-friendly materials certified by the Forest Stewardship Council (FSC). FSC certification is granted to environmentally friendly paper produced sustainably, maintaining forest biodiversity.

Additionally, the company is focusing new investments on sustainable companies with excellent ESG performance and is establishing an eco-friendly asset management strategy to reduce carbon emissions. To this end, non-financial factors such as corporate environmental protection, social responsibility, and proper governance will be included in the new investment screening criteria. As of the end of September 2020, Lotte Insurance manages assets totaling 15 trillion KRW.

A Lotte Insurance official stated, "Recently, under the strategy to continuously fulfill corporate social responsibility based on our core business in the social sector, we launched the industry's first 'let:hero Firefighter Insurance.' We also appointed an outside director as the chairman of the board and composed all subcommittees within the board exclusively of outside directors, thereby laying the foundation for advancing governance through board-centered management."

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