Written by: Imisae
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Education is a powerful tool that can break the cycle of poverty and transform lives. The Asia and Pacific region has made great progress in providing education opportunities at various levels, however, 136 million children were still out of school in 2014. Specifically, in 2019, 16 million primary school-aged children and 34 million lower secondary-aged adolescents were out of school. By aligning profits with purpose, businesses can become important partners for governments and civil society in closing the educational gap.
AIA is acting to develop education at various levels in its region: the company offers a ‘Young Leadership Development Programme’ that allows university students in Hong Kong to develop leadership skills, equipping them to become socially responsible leaders. This program has existed for 22 years and more than 470 students have been trained by it. In 2018, partnering with local and international institutions, the company built 183 classrooms in the Philippines, helping improve education in underserved or unserved areas where the Marawi Siege disaster struck. The company reached around 6,000 adults in that same country in 2018, with its workshop on Financial Education, endorsed by the Philippine Government’s Department of Education. In Thailand, that same year, the company offered 20 scholarships to low-income students to help relieve the financial burden on their families.
The company’s efforts on creating value for society is being recognized. Although it is not known how much they invest in education specifically, Sustainalytics’ 2019 analysis ranked AIA second out of 253 companies in its industry sector for its ESG risk management. Failing education could mean failing to achieve all the Sustainable Development Goals since it plays a central role. By providing educational opportunities AIA Group creates shared value, building a good reputation for itself, a purpose for its employees, and a stronger society.
