ABL Life enhancing ESG values through social contribution

ABL Life Insurance CEO Xie Zheqiang, center, makes kimchi with employees for children at a shelter in Seoul in this Dec. 8, 2022 file photo. Courtesy of ABL Life

By Yoon Ja-young

Founded in 1954, ABL Life is the second oldest life insurance company in Korea, scheduled to celebrate its 70th anniversary next year.

In line with its long history, ABL Life has been actively engaged in various social contribution activities for the underprivileged, aiming to realize environmental, social and corporate governance (ESG) values. It has especially focused on the future generation, operating diverse social contribution programs for children.

Since 2013, the insurer has partnered with prominent social welfare organizations including Good Neighbors, Children's Foundation and Save the Children, running diverse in-house donation programs where employees choose to contribute a certain amount of their salaries. It is run as a matching grant as the company donates the same amount. The donation, which amounts to 3.6 billion won ($2.7 million) so far, was spent on child welfare.

Since 1992, ABL Life has organized leadership camps for children, inviting around 150 elementary school student leaders each semester for leadership training. Over 15,000 children have participated so far.

Additionally, every third Thursday of the month is designated as "Sharing Day" at ABL Life. Employees and insurance sales agents voluntarily participate in various volunteer activities, such as supporting childcare facilities, aiding people with disabilities, assisting social welfare facilities and participating in environmental clean-up efforts. Apart from "Sharing Day," there are volunteering activities run by regional branches and offices, such as providing briquettes for senior citizens living alone or making kimchi for them.

ABL Life recently expanded social contribution activities to youth, as part of its efforts to enhance ESG values. Last October, ABL Life made a donation for the young people who have to leave the shelter and stand on their own two feet as they reach adulthood.

Last December, ABL Life was awarded at the 2nd Good Donor Awards hosted by the Ministry of the Interior and Safety, which is offered to individuals and organizations that contribute to the culture of giving and sharing in various fields of society.

Through its partnership with the international NGO Save the Children, ABL Life has contributed a total of approximately 2.5 billion won over 28 years, supporting 1,966 children with health and medical services both domestically and internationally. The partnership, which started in September 1995 to help children with heart disease get surgery, is cited as a successful example of long-term commitment and partnership between a company and social welfare organizations working together for nearly 30 years to fulfill social responsibility in a sustainable manner.

"ABL Life has continued various social contribution activities for marginalized neighbors. We will continue efforts to fulfill our corporate social responsibility to create a better society,” a spokesperson for ABL Life stated.