Varma again at the forefront in international EcoVadis sustainability assessment

EcoVadis, a globally recognised business sustainability rating provider, has awarded Varma a Platinum EcoVadis Medal for the fourth time. We ranked in the top one percent among the 150,000 companies analyzed.

Varma's previous EcoVadis score was from 2023, and compared to that, Varma's overall score increased from 81 points to 82/100 points. EcoVadis assesses companies on their sustainability performance from the perspectives of environmental issues, labor practices and human rights, ethical business conduct, and supply chain and procurement sustainability. The independent assessment report was completed in December 2024.

"It is noteworthy that while we gained one more point than last year, the Platinum threshold also increased by one point. As our overall score is already at such a high level, further advancing sustainability becomes increasingly challenging," says Hanna Kaskela, Senior Vice President of Sustainability and Communications.

Environmental Policy rated as excellent

The EcoVadis assessment now provides comparative data with other companies in the same industry. In the EcoVadis classification, we belong to the insurance, reinsurance, and pension fund industry category. There were 251 companies evaluated from this sector.

"The average score in our industry was 57, so Varma ranked significantly above the average," Hanna Kaskela emphasizes.

Our environmental sustainability efforts received the highest score (90/100). Varma’s Environmental Policy received particular praise. According to the assessment the policy excellently combines commitments and related goals in essential environmental matters.

According to the evaluation, our practices in work life and human rights are also at an excellent level in Varma's operations, both in terms of principles and concrete actions. Our score remained at the same level as the previous year and was 80/100. The score for the sustainability of the supply chain and procurement increased the most (70 > 80).

"The jump in the score is due to the development of systematic practices related to procurement sustainability," says Hanna Kaskela.

"Sustainability is at the core of our strategy, and we focus on sustainability actions that have a significant impact," says Hanna Kaskela.

Sustainability Statement to be published in February, Sustainability Program to be renewed

In 2024, we developed our sustainability in a versatile manner. In our updated and more comprehensive Environmental Policy, the significance of environmental impacts is recognized throughout the entire value chain, and the consideration of biodiversity is given as much weight as mitigating climate change. Additionally, we conducted a survey among Varma's suppliers regarding the realization of human rights.

A key part of our responsibility work has been preparing for sustainability reporting. We will publish our first Sustainability Statement compliant with the CSRD directive as part of the 2024 Report of the Board of Directors in mid-February.

"This year, we will renew our Sustainability Program and continue to develop our sustainability work. Sustainability is at the core of our strategy, and we focus on sustainability actions that have a significant impact," says Hanna Kaskela.

Established in 2007, EcoVadis assesses and rates companies’ sustainability. Its assessment methodology is based on international corporate sustainability standards such as the Global Reporting Initiative (GRI), the UN Global Compact and the ISO 26000 standard. Companies use the assessments to compare the subcontractors in their supply chain.

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