New Delhi, 24 November 2021: ICICI Prudential has spent Rs.10.98 crore for FY2021 towards CSR programmes as against Rs.10.84 crore required to be spent in accordance with section 135 of the Companies Act, 2013. An excess amount of Rs.0.1 crore spent by the company as CSR expense is carried forward to the next year.
The annual report of the company stated, “As a life insurance company, we have supported programmes and initiatives, keeping “protection” as the cornerstone of all our CSR initiatives. In the last 20 years, we have touched over 1.8 million lives through our CSR programmes, with a total contribution of over Rs.1.92 billion.”
The company’s average net profit for the past three years stood at Rs.542.13 crore. Therefore, its CSR obligation for the financial year calculated as 2% of the average net profit of the past years was Rs 10.84 crore. However, the company spent additional Rs 14 lakh on the CSR activities taking its total CSR expenditure for the FY2021 to Rs 10.98 crore. Out of this additional spend; the company has earmarked Rs 10 lakh for setting off in succeeding financial years.
Details of CSR amount spent against “other than ongoing projects” for the financial year
| Project name | Location | Amount spent (in Rs crore) |
| Contribution to Prime Ministers Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) | - | 10.00 |
Support medical treatment of underprivileged children/youth diagnosed with cancer
| Maharashtra | 0.35 |
Support medical treatment and surgeries for underprivileged children
| Maharashtra | 0.08 |
Support medical treatment of critically ill underprivileged infants
| Gujarat | 0.10 |
Program Asha - Improve holistic and rehabilitation outcomes of underprivileged children staying in child care homes
| Madhya Pradesh | 0.20 |
Others
|
| 0.25 |
Total
|
| 10.98 |
Focus areas
Considering FY2021 has been a pandemic year, ICICI Prudential has contributed Rs 10 crore to PM CARES Fund for supporting relief measures against the COVID-19 pandemic and the balance has been utilised for honoring existing CSR commitments of the company such as healthcare, education, skill development and sustainable livelihoods, employee volunteering, and others. It has spent a total of Rs 10.98 crore in FY2021 on CSR related activities.
The focus areas are as follows:
Support during COVID-19
To support relief and rehabilitation of people impacted by the COVID-19 pandemic, the company has contributed the allocation for ICICI Foundation to the PM CARES Fund for Covid-related support measures. In FY 2021, it contributed Rs 10 crore to PM CARES Fund. With the FY 2020 CSR outlay, ICICI Prudential had extended support of 24 ventilators to the government hospitals in Maharashtra, Delhi, and Haryana.
Education, Skill Development, and Sustainable Livelihoods
Through its programme ‘Asha’, the company has partnered with Catalysts for Social Action (CSA) to support the underprivileged/orphan/abandoned children living in child care homes on interventions of education, skilling, vocational training, food & nutrition, and health & hygiene. Financial literacy sessions have been conducted as part of the programme so as to build financial resilience skills amongst the children. Multiple sessions on the basics of financial management, the importance of saving for a secure future, operational knowledge on banking were imparted.
Healthcare
As part of the Cancer Care programme, ICICI Prudential partnered with Tata Memorial Hospital (TMH), Mumbai to support medical treatment of the underprivileged children and youth diagnosed with cancer. Over 200 patients have been treated since the program’s inception.
The company’s CSR committee is led by the Chairman Dilip Karnik. Other key members of the committee are Dileep Choksi and Wilfred John Blackburn.
