New York Life ESG Report features updated materiality assessment and strategy
New York Life, America’s largest mutual life insurer, today released the company’s 2020-2021 Environmental, Social, and Governance (ESG) Report. The report highlights New York Life’s approach to ESG, which is rooted in our core values of humanity and integrity, supported by our mutuality and financial strength.
“We must be thoughtful about—and, more importantly, accountable for—our decisions and actions because, in the bigger picture, we are all in this together,” write CEO and President Craig DeSanto and Chairman Ted Mathas in the Report’s opening letter. “Our impact extends beyond the scope of our business operations and supporting our most immediate constituents. We have been putting our financial and other corporate resources behind organizations and initiatives aimed at creating opportunities and promising futures for people from all walks of life, as well as addressing the economic and societal inequalities that have become increasingly apparent in our nation.”
The Report covers many aspects of New York Life’s business—from the company’s long-term strategy to be there for our policy owners, to the way the company strives to be a force for good in society. Additionally, this report also includes our first Taskforce on Climate-Related Financial Disclosures (TCFD) index, which discusses the ways we are managing climate risk at New York Life.
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Highlights from the report include:
- The results of our updated ESG materiality assessment
- Employee training and development highlights
- New metrics and targets from the New York Life Foundation, including volunteer hours and social justice investments
- New target for our supplier diversity programs
- In-depth discussion from our asset management business on its integration of ESG
- Details on our reduction in greenhouse gas emissions since 2019
- Our efforts around reducing waste and single-use plastics within our operations
- How we handle ESG from a governance perspective