To thoroughly implement the decisions of the Communist Party of China Central Committee and the State Council on promoting green development and advancing the "Five Key Areas of Finance," while actively advocating environmental, social, and governance (ESG) principles, the China Insurance Association has issued the "Guidelines for Environmental, Social, and Governance Disclosure by Insurance Institutions" (hereinafter referred to as the "Guidelines"). To enhance the widespread application of the "Guidelines" and assist insurance institutions in improving ESG disclosure practices, the association has compiled and published the "Guidelines for Environmental, Social, and Governance Disclosure by Insurance Institutions: Interpretations and Case Studies" (hereinafter referred to as the "Interpretations and Case Studies"). The publication has recently been officially released.

The "Interpretations and Case Studies" includes the "Guidelines," detailed explanations and case studies aligned with the guideline indicators, and an English version of the "Guidelines." The publication features the following highlights:

1. **Case-Based Interpretation and Practical Guidance** The "Interpretations and Case Studies" provides comprehensive definitions, disclosure recommendations, calculation methods, and specific examples for 23 primary indicators and 49 secondary indicators outlined in the "Guidelines." It compiles over 200 disclosure cases from insurance institutions across environmental, social, and governance dimensions. While the "Guidelines" offer a systematic disclosure framework addressing "what to disclose," the "Interpretations and Case Studies" transforms abstract requirements into tangible, actionable examples, answering "how to disclose" and "how to excel."

2. **Transition from Compliance to Value Creation** The publication demonstrates that high-quality ESG disclosure encompasses both positive and risk-related information, as well as outcome and process details. In practice, large insurance groups have integrated ESG into investment decisions and product development, while smaller institutions prioritize breakthroughs in green operations and social initiatives. The "Interpretations and Case Studies" provides tailored disclosure references, guiding institutions from "passive disclosure" to "proactive management" and fostering the development of sustainable governance systems.

3. **Balancing Chinese Characteristics and Global Perspectives** The "Interpretations and Case Studies" explains how the "Guidelines" align with international mainstream standards, such as those issued by the International Sustainability Standards Board (ISSB), GRI BIO INC (GRI), and the Sustainability Accounting Standards Board (SASB), while addressing localized topics like rural revitalization, inclusive finance, and agent management. The English version of the "Guidelines" adheres to internationally recognized ESG disclosure terminology, facilitating cross-border communication and collaboration.

As China advances its "dual carbon" goals and embraces sustainable development, ESG has become a critical measure of long-term corporate value and risk management capabilities. The insurance industry, serving as an economic "shock absorber" and social "stabilizer," plays a pivotal role in resource allocation and managing environmental and social risks. The China Insurance Association will continue to strengthen ESG awareness, summarize best practices, and encourage insurance institutions to internalize ESG principles as a core driver of high-quality development.