NN Group wins the ESG initiative of the year award as it continuously looks to create products and services that add environmental value, as well as making investment decisions based on ESG criteria.

The Dutch insurer's ESG policy is encompassed by its human rights and environmental statements.

"We are committed to contribute to the wellbeing of people and the planet. As an organisation we continue to do our best to improve the well-being of our customers, advance our communities and preserve our planet." says Fleur Hudig, head of corporate citizenship at NN Group.

Hudig adds: "The choices we make today impact the world of tomorrow; as an international financial institution, we take the role we can play in combating climate change seriously."

NN Group explains it incorporates ESG factors in both its investment and underwriting processes.

Regarding its underwriting process, the firm applies specific policies for sensitive sectors following its risk assessments, which indicate increased or unacceptable risks on the basis of sanctions, regulations and compliance risks.

Its thermal coal policy for insurance underwriting, for example, is aligned with its investment policies.

"We have concrete objectives to reduce greenhouse gas emissions to net-zero in our own operations by 2040, as well as in our investments and insurance underwriting by 2050 at the latest (in line with the Paris Climate Agreement)," says Hudig.

"We work closely with governments, other companies, and societal organisations. And we stimulate colleagues and clients to make sustainable choices."

In the wider industry, NN has acknowledged significant acceleration in climate change-related ESG-factors, such as decarbonisation, as well as nature-related ESG factors, such as biodiversity.

"Also, social related ESG-factors including human rights and diversity are now picked-up by the industry leaders," says Hudig.