As a leading insurance provider in Taiwan, Taiwan Life makes good use of our financial impact. We continue to align ourselves with our parent company, CTBC Holding’s sustainability strategy and the TRUST sustainable commitment, and focus on two sustainable development principles, i.e., "Deepening Social Impact" and "Achieving Low-Carbon Transition and Responsible Operation." As such, Taiwan Life has formulated a blueprint for sustainable development through four major strategic directions of sustainability, namely "Ethical Governance," "Sustainable Finance," "Accountable Operation," and "Inclusive Society."

Treat Customers Like Family and Exert Our Social Impact in the Insurance Industry

On the social front, we focused on the four action plans of "ABCD" in 2023: Anti-Fraud Story - fraud prevention performance; Board of Directors Involvement - active participation and supervision from directors; Communication and Education - enhancement of financial literacy of young people; and Digital Divide Reduction - diverse avenues to bridge the digital gap. By taking a top-down approach, the Board of Directors' comprehensive supervision mechanism helps the Company improve both internally and externally, thus enabling us to help customers protect their assets, eliminate the digital gap experienced by the elderly and people with physical or mental disability, and build financial literacy for the younger generation. These are some of the ways we practice our philosophy of "treating customers like family and holding true to our visions."

Taiwan Life uses digital innovation to assist customers in health management. Having introduced the Impact Management Project (IMP) into our "TeamWalk App," we engaged the Sustainable Transformation Service Team from Deloitte & Touche Risk Management Advisory Co. to conduct an impact assessment. The results indicated that "positive benefits" generated from the app has exceeded NT$1.2 billion. This is also the first instance in Taiwan's life insurance industry for using the IMP methodology to analyze the impact of a project, and monetize the benefits generated by the investments. Through analysis, we found that the "TeamWalk app" has created mutual growth for Taiwan Life and our corporate customers, thereby demonstrating the social impact of the insurance industry.

Low-carbon Transition Forms Green Economic Equations

The Science-based Targets (SBT) under the SBTi of Taiwan Life, its parent company CTBC Holding, have been approved. By setting 2021 as the base year, we will reduce Scope 1 and Scope 2 emissions generated by our own operations by 63% by 2035, which translates to an annual reduction of 4.5%.

At the same time, we have proposed an "arithmetics-based" green finance methodology, in which we will "add" green financing into the investment evaluation process to build a responsible investment system; "less" climate change influence and become a pioneer in renewable energy investment; "multiply" our impact by committing to the SBTi and adopting engagement actions; as well as pledging to "divide" ourselves away from the coal mining industry in 2023. Taiwan Life will no longer undertake new investments in this industry, and will completely withdraw investments by 2035. Taiwan Life is committed to leading sustainable development and exerting our financial impact.