Definity Financial Corporation releases 2023 Environmental, Social, and Governance (ESG) report and Public Accountability Statement

WATERLOO, ON, May 13, 2024 /CNW/ - Today, Definity Financial Corporation (TSX: DFY) released its 2023 Environmental, Social, and Governance (ESG) Report, as well as the company's 2023 Public Accountability Statement. The reports are available on the Company's website at www.definityfinancial.com/esg.

Definity is guided by its purpose of building a better world by helping clients and communities adapt and thrive. The company is focused on driving positive change by embracing environmental sustainability, fostering a culture of collaboration, incorporating robust governance, and investing in the well-being of the communities Definity serves. The two reports released today demonstrate the commitment and progress Definity has made to drive sustainability and business value by effectively managing ESG risks and opportunities. 

• The 2023 Environmental, Social, And Governance Report offers insights into the company's continued proactive approach to environmental, social, and governance topics that matter most to its stakeholders and business
• The 2023 Public Accountability Statement details Definity's contributions to the Canadian economy and society, and highlights the company's continued investment in the well-being of our communities to create measurable social impact

Rowan Saunders, President and CEO of Definity says:

"At Definity, we recognize the crucial role we play in building a better world by helping our clients and communities adapt and thrive. This purpose is an ongoing reminder of our responsibility to be a positive force for all our stakeholders. I am pleased to share our 2023 ESG Report with you, with deeper insight into the progress we are making as we continue to invest in creating a sustainable future."

Key Highlights from the 2023 ESG Report:

• Increased percentage of roles held by women at Vice-President and Executive Leadership Team levels to 24%, up from 19% in 2022
• Logged more than 4,500 employee volunteer hours, more than doubling volunteerism year-over-year by both hours and number of participants
• Definity Insurance Foundation contributed $250,000 to Green Communities Canada, completing a $500,000 total contribution in support of the Living Cities Canada Fund to support green infrastructure projects in communities across the country
• Contributed more than $2.6 million in community support, including $2.35 million to the Definity Insurance Foundation shared mostly between investments in inclusion, diversity, equity, and accessibility initiatives and climate resilience/emergency preparedness programs
• Achieved an approximate reduction of 25% in Scope 1 and 2 greenhouse gas emissions (location-based) relative to our baseline 2019 levels, which is on track for our long- term reduction targets
• Supported Climate Proof Canada's advocacy for investment and timely implementation of climate adaptation and resilience measures across the country
• Established a Climate Centre of Excellence to support inclusion of climate change implications into product development, underwriting, and risk management
• Extended our ethical data usage framework to consistently perform bias and fairness assessments when developing predictive models and to address bias if detected

About Definity Financial Corporation

Definity Financial Corporation ("Definity", which includes its subsidiaries where the context so requires) is one of the leading property and casualty insurers in Canada, with over $4.1 billion in gross written premiums for the 12 months ended March 31, 2024 and over $2.9 billion in equity attributable to common shareholders as at March 31, 2024.

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada, which reflects Definity's current expectations regarding future events, including statements concerning the charitable organizations to be funded as a result of support from Definity and the ability to assess bias and fairness in predictive models developed by Definity. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Definity's control. These assumptions, risks and uncertainties are detailed in the "Cautionary Statements About Forward-Looking Information" section in the 2023 ESG Report. Actual results could differ materially from those projected herein. Definity does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

SOURCE Definity Financial Corporation

Investor inquiries: Dennis Westfall, Head, Investor Relations, (C) 416-435-5568, [email protected]; Media inquiries: Sarah Attwells, AVP, Corporate Communication, (C) 226-753-1130, [email protected]