DEFINITY FINANCIAL CORPORATION RELEASES ITS ANNUAL SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
WATERLOO, ON, May 12, 2025 /CNW/ - Today, Definity Financial Corporation (TSX: DFY) released its 2024 Sustainability Report and its 2024 Public Accountability Statement. The reports are available on the Sustainability and Corporate Citizenship section of the Company's website.
As a purpose-driven sustainability leader, Definity has taken a thoughtful and proactive approach to environmental, social, and governance (ESG) topics, delivering long-term value for our employees, brokers, customers, shareholders, and communities. These efforts were recently recognized with an MSCI ESG Rating upgrade to "AAA", placing Definity among the top-ranked global P&C insurers for ESG risk management and sustainability leadership. Through its ongoing efforts to integrate sustainability into its business, Definity is working to create positive change for the environment, strengthen the resilience of communities, and contribute to more equitable outcomes in society.
The 2024 Sustainability Report and Public Accountability Statement offer insights into how the company has not only embraced, but has deeply integrated sustainability, innovation, collaboration, and an ownership mindset into its business and culture. The reports detail the embedded sustainability initiatives across the company and how Definity is delivering on its climate change, people, and community commitments.
Rowan Saunders, President and CEO of Definity says:
"We are on a journey to be one of Canada's top five P&C insurers. To achieve this, we know it is crucial to build the long-term resilience of our business and the communities in which we live and work. We are forging a path forward as a leading Canadian insurer with a clear vision for our future and delivering on our commitments. I am pleased to share our 2024 Sustainability Report which demonstrates the progress Definity is making as we invest in building a better world."
Key Highlights from the 2024 Sustainability Report
Though 2024 was a challenging year for the Canadian property and casualty insurance industry as overall catastrophe losses reached an all-time high, Definity's proactive focus on enhancing climate modelling capabilities to manage exposure, inform risk selection, and support accumulation management, contributed to losses from these events being lower than Definity's natural market share.
Definity's greenhouse gas emissions associated with operations (Scope 1 and 2, market-based) were 35% lower than 2019 levels, surpassing our 2025 interim target of a 30% reduction.
Aligning to its commitment to donate at least 1% of net profit before taxes, 2024 marked the largest charitable giving year in Definity's over 150-year history, having donated more than $4 million to Canadian charities. These contributions help to address systemic barriers that prevent underrepresented and underserved communities from participating fully in the economy, and help Canadian communities, households, and businesses understand, prepare for, and respond to climate-related risks and impacts.
Definity partnered with Dalhousie University's Mass Timber Project to support the development of a prefabricated modular housing prototype using mass timber—an environmentally friendly alternative to steel and concrete.
Definity established an Indigenous Advisory Council and a Reconciliation Action Working Group to guide and advance the company's response to the Truth and Reconciliation Commission's Call to Action #92.
Definity capped off the year by becoming the first P&C insurer in Canada to become a United Nations Women's Empowerment Signatory, signaling its strong commitment to advancing gender equality in the workplace, also having increased the percentage of roles held by women at Vice President and Executive Leadership Team levels by 7 percentage points since 2022.
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 $4.5 billion in gross written premiums for the 12 months ended March 31, 2025 and approximately $3.4 billion in equity attributable to common shareholders as at March 31, 2025.
SOURCE Definity Financial Corporation
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