Insurance is all about trust.
We know that people rely on Balcia not just today, but for many years to come. That’s why we work hard to make a meaningful difference in society, in our business, the environment and our common future.
Corporate Sustainability Reporting Directive
The Corporate Sustainability Reporting Directive (CSRD) is a regulatory framework established by the EU to enhance and standardise sustainability reporting among companies. Over the past few years, we have developed and advanced our internal systems and processes, toward a common goal of understanding what is necessary for Balcia’s long-term success.
In 2024 we expanded our Double Materiality Assessment and have identified sustainability matters that are material to our business and value chain by introducing an assessment of Impacts, Risks, and Opportunities (IROs) related to our business. Although, CSRD is not yet binding for Balcia we are using the opportunity to have our report converge towards European Sustainability Reporting Standards (ESRS) to provide more structured and thorough reporting.Sustainability Highlights
Material Sustainability Areas:
Priorities related to sustainability.
As an insurance company, our main Impacts, Risks and Opportunities relate to the core activities of our business model and mostly concern our own operations. These relate to our ability to develop, innovate and deliver high-quality digital insurance products. These affect or are affected by our clients and end-users, employees and our business partners. Our key sustainability focus areas for which we can take direct action include: Our carbon emissions and energy mix, Governance and business conduct, Own workforce, Civil society and end-users.
3. ESG targets and Ambitions To further underline our commitment to our sustainability focus areas we have developed ESG targets as well as supplementary ambitions which while not fitting the ESRS definition of targets still support our sustainability efforts. ENVIRONMENT SOCIAL GOVERNANCE TARGETS E1: Decrease our GHG emissions across Scope 1 and 2 by 20% by 2035. S1: Increase the average annual training hours per employee to more than 25 hours per year by 2030. S4: For now None. From 2025 we have started collecting data on Genz Index which will be a great target going forwards. G1: The risk assessment of Bank of Latvia is a comprehensive measure to track our status in terms of governance our target is to keep our current rating of medium-low risk (2) YoY. AMBITION S • Gain a comprehensive understanding of our Scope 3 emissions and identify areas for reducing emissions in our value chain. • Change 100% our employee leased cars to electric vehicles by 2035. • Create the “Gen Z Insurance Literacy Index” in Baltics and Poland by 2026. • Establish a formal employee feedback loop (e.g., 360° reviews, Kudos Day) in all regions by 2026. • Establish a data protection management system based on ISO 27001 management system by 2027 • Achieve ISO 24495- 1:2023 Plain Language certification by 2027
Documents
Own Workforce
Our employees are at the core of our business. We are dedicated to fostering a supportive and inclusive work environment where every individual feels valued,
empowered, and equipped for both personal and professional growth. We strive to provide equal career opportunities for all, regardless of gender, ensuring that every team member can thrive. In navigating the complexities of the insurance industry, we focus on forward-thinking initiatives that not only address challenges but also create meaningful, positive experiences for our people. We understand that striking the right balance between workload and personal time can be challenging, so we continuously refine our strategies to foster a flexible, innovative, and future-ready team. By nurturing a company culture that offers adaptable work arrangements and empowers employees to shape their day-to-day experiences, we create an environment that attracts and retains top talent and enables every team member to perform at their full potential.
Consumers and End-Users:
Our business is deeply connected to our consumers and end-users, whose data we handle and who rely on us for their financial resilience. Balcia is committed to maintaining the highest standards of transparency and accuracy in the information provided to our consumers and end-users. We understand that clear, reliable information is essential for informed decision-making and trust. Therefore, we ensure that all communications about our products and services, including their benefits, limitations, and associated risks, are comprehensive and straightforward.
