DEFINITY FINANCIAL CORPORATION RELEASES ITS ANNUAL SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
As a purpose-driven sustainability leader, Definity has taken a thoughtful and proactive approach to environmental, social, and governance (ESG) topics, delivering long-term value for our employees, brokers, customers, shareholders, and communities. These efforts were recently recognized with an MSCI ESG Rating upgrade to "AAA", placing Definity among the top-ranked global P&C insurers for ESG risk management and sustainability leadership. Through its ongoing efforts to integrate sustainability into its business, Definity is working to create positive change for the environment, strengthen the resilience of communities, and contribute to more equitable outcomes in society.
The 2024 Sustainability Report and Public Accountability Statement offer insights into how the company has not only embraced, but has deeply integrated sustainability, innovation, collaboration, and an ownership mindset into its business and culture. The reports detail the embedded sustainability initiatives across the company and how Definity is delivering on its climate change, people, and community commitments.
"We are on a journey to be one of
Key Highlights from the 2024 Sustainability Report
- Though 2024 was a challenging year for the Canadian property and casualty insurance industry as overall catastrophe losses reached an all-time high, Definity's proactive focus on enhancing climate modelling capabilities to manage exposure, inform risk selection, and support accumulation management, contributed to losses from these events being lower than Definity's natural market share.
- Definity's greenhouse gas emissions associated with operations (Scope 1 and 2, market-based) were 35% lower than 2019 levels, surpassing our 2025 interim target of a 30% reduction.
- Aligning to its commitment to donate at least 1% of net profit before taxes, 2024 marked the largest charitable giving year in Definity's over 150-year history, having donated more than
$4 million to Canadian charities. These contributions help to address systemic barriers that prevent underrepresented and underserved communities from participating fully in the economy, and help Canadian communities, households, and businesses understand, prepare for, and respond to climate-related risks and impacts. - Definity partnered with
Dalhousie University's Mass Timber Project to support the development of a prefabricated modular housing prototype using mass timber—an environmentally friendly alternative to steel and concrete. - Definity established an
Indigenous Advisory Council and aReconciliation Action Working Group to guide and advance the company's response to theTruth and Reconciliation Commission's Call to Action #92. - Definity capped off the year by becoming the first P&C insurer in
Canada to become a United Nations Women's Empowerment Signatory, signaling its strong commitment to advancing gender equality in the workplace, also having increased the percentage of roles held by women at Vice President and Executive Leadership Team levels by 7 percentage points since 2022.
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