AIA, THE WORLD’S BIGGEST LIFE INSURANCE COMPANY, PROMISES TO “HELP PEOPLE LIVE HEALTHIER, LONGER, BETTER LIVES.”
(Source: AIA, 2018)
THERE’S ONE BIG PROBLEM: AIA INVESTS BILLIONS IN COAL – THE OPPOSITE OF PROMOTING HEALTHY, LONGER, BETTER LIVES.
AIA, Kick Out Coal!
AIA has invested approximately $6 billion into the coal sector — that’s over $100 for every policy holder and group member of a policy.
These investments include bonds and equities of coal power utilities, and loans for specific coal projects.
AIA currently owns approximately US $125 million in shares of Tenaga Nasional Berhad, Malaysia’s power utility. Tenaga operates more than 26,000 megawatt of power plants in Malaysia and other countries, 54% of which consist of coal power capacity.
Dollar for dollar, AIA’s investments emit almost 50% more carbon than climate leaders.
What are other insurers doing?
At least 65 insurers have so far divested from their assets from the coal industry. Among the international insurance companies which have joined the CA100+ investor initiative, all insurers other than AIA have divested from the coal industry or have at least adopted some restrictions on new coal investments.
(Source: Insure Our Future campaign, Insuring Fossil Fuels No More, 2020 Scorecard on Insurance, Fossil Fuels and Climate Change)
“If we are not leading the charge on climate change, who would?”
Since 2013 AIA has had a global presence as the shirt sponsor of premier league football club, Tottenham Hotspur.
Spurs have expressed support for climate action for more than 10 years. In October 2020, the football club was a founding member of the ‘Count Us In’ climate campaign.
AIA’s coal investments contradict the climate commitments of its favourite football club.
AIA has already divested from tobacco and cluster ammunition. It now needs to divest all its assets – shares, bonds and loans – from all coal companies.