NEW DELHI (India CSR): “The Company has spent Rs. 68.2 million for FY2022 towards CSR programs as against Rs. 67.6 million is required to be spent, which is 2.02% of the average net profits made during the three immediately preceding financial years, under section 135 of the Companies Act, 2013. An excess amount of Rs. 1.0 million (Rs.10 Lakh) spent by the Company as CSR expense in FY2021 was set off in FY2022.”, the company said.
ICICI Prudential Life Insurance is committed to integrating sustainability with its business processes and as a way of doing business. In this context, they adopted the ESG framework in 2020 and their ESG initiatives are monitored at the highest level by the Sustainability Steering Committee comprising members of the Management Committee. It believes that embracing ESG is of vital significance for long-term value creation for all stakeholders as it enables them to go beyond profits to encompass people, purpose and the planet.
Also Read: CSR – Corporate Social Responsibility: How to Ensure Impact for all Shareholders
CSR: Contributing to Society
ICICI Prudential Life Insurance CSR budget for FY2022 was Rs. 67.6 million (Rs. 6.76 Crores). The Company has spent Rs. 68.2 million (Rs.6.82 Crores) for support against the COVID-19 pandemic and CSR initiatives
CSR Initiatives
The Company contributes 70% of its annual CSR budget to the ICICI Foundation for Inclusive Growth (ICICI Foundation) which undertakes CSR initiatives for the ICICI group and the balance 30% of the CSR funds is deployed to undertake various initiatives to serve the underserved directly.
ICICI Prudential Life Insurance has taken many CSR Initiatives into segments like consumer awareness and education, Education and Skilling and sustainable livelihood, Environmental sustainability and ecological balance and Healthcare.
The firm endeavors to proactively support meaningful socio-economic development in India and enable many people to participate in and benefit from India’s economic progress.
Also Read: Corporate Social Responsibility (CSR) in India an Overview – 2022
“Our Corporate Social Responsibility (CSR) policy is our commitment to provide resources and support activities focused on enhancing economic and social development by supporting programs around the focus areas of education, skill development and sustainable livelihood, health care for the under-privileged, encouraging employee volunteering and extending support for disaster relief and rehabilitation.”, the company said.
The Company supports ICICI Foundation’s project on skill development through sustainable livelihood. ICICI Academy for Skills (Academy) provides vocational training to youth from economically weaker sections so that they can undertake an economic activity for a sustainable livelihood. The Academy offers industry-relevant and job-oriented vocational training in 14 technical and office skills across 28 operational centers across the country. The Company has supported 1,558 trainees in FY2022.
