- Sun Life Singapore “Life is Brighter” fund will see its first phase focused on charity and philanthropic initiatives in Singapore, with plans underway to widen coverage to environmental, governance and other social causes, over time.
Singapore (5 September 2024) – Today, Sun Life Assurance Company of Canada Singapore Branch (“Sun Life Singapore”), a branch of an established global financial services organisation (“Sun Life”) announced the setting-up of its “Life is Brighter” charity fund (the “Fund”)1, reinforcing its longstanding commitment to be a sustainability champion, supporting a range of social and community causes, with the aim to create resiliency and a brighter tomorrow, where future generations are empowered to live happier and healthier lives.
As part of the Fund’s inception, Sun Life Singapore will collaborate with Community Chest to channel donations to selected charity programmes, and health and wellness causes in Singapore, primarily around the prevention of, as well as to support those with Diabetes and mental well-being.
Sun Life Singapore and Community Chest have a long-standing collaboration, united with a common goal to advocate philanthropic giving and support communities in need. As at end 2024, Sun Life Singapore projects to raise approximately S$800,000 in donations for Community Chest, exceeding the initial pledge of S$520,000 which is to be made by 2026.
The Fund aims not only to create positive social impact, but it will also cover areas to do with environmental, social and governance (“ESG”) more broadly over time, to make greater societal impact. This is true to Sun Life’s heritage of being purpose-driven, and its recognition as a global industry leader in sustainability. The organisation recently earned a spot on the Corporate Knights’ 2024 Global 100 Most Sustainable Corporations in the World for the 15th consecutive time.
The Philanthropic Pledge – A first in the Insurance Industry
Sun Life Singapore is a first mover in the insurance industry and leading the change for sustainable philanthropic giving. It launched the Philanthropic Pledge in July 2023, which advocates philanthropy and aims to inspire others to give back to the community. The Philanthropic Pledge also marks the first time a life insurer in Singapore has incorporated upfront charitable giving into a life insurance policy.
The establishment of the Fund will allow Sun Life Singapore to pool together donations from its Philanthropic Pledge, other donations and fundraising initiatives to be managed centrally and channeled to selected causes.
Christopher Albrecht, Sun Life Singapore Chief Executive Officer, said: “We are delighted to announce the setting-up of our Sun Life Singapore “Life is Brighter” fund, as we continue to further cement our commitment to philanthropy as part of our sustainable enabler to our ESG strategy. As a life insurer that has always advocated philanthropic giving as part of legacy building, we hope to continue inspiring others to ‘pay it forward’ and give back to the community and society that we live in.
This Fund is an important milestone that underscores our ESG framework. We are committed to being a purpose-driven and sustainable organisation; one that cares for our clients’ lifetime financial security and in leading healthier lives, and also one that cares for our community and the future of our planet. This is why we have named our charity fund “Life is Brighter” to reflect our commitment to maximising positive impact on our society and environment."
2024 Philanthropic Strategy
As part of Sun Life Singapore’s 2024 philanthropic strategy, the Fund will deepen the company’s support in areas of health, particularly supporting the prevention or elimination of Diabetes, and to support mental well-being, which is an increasingly important issue in a post-pandemic society. Sun Life Singapore has to-date collaborated notably with Singapore Association for Mental Health (SAMH) and TOUCH Community Services through Community Chest, and is currently exploring a collaboration with KK Women’s and Children’s Hospital.
The Fund will embody Sun Life’s philanthropy goals that are centered on long-term behavioural change through practical programmes. Continuing to work closely with Community Chest, the Fund will channel further resources towards additional key programmes in 2024. Sun Life Singapore is currently exploring a collaboration with KK Women’s and Children’s Hospital in Diabetes preventive efforts for children and youth, and Limitless to support their Lighthouse project for at-risk youths with mental problems.
Chew Sutat, Chairman, Community Chest, said: “Since 2022, Sun Life Singapore has been collaborating with the Community Chest to support social service programmes for the young and seniors in need, including those with mental health conditions. This multi-year collaboration and social impact strategy is a good example of how companies can make sustainable philanthropy more meaningful for business and employees, while uplifting lives in our community. The launch of the ‘Life is Brighter’ fund reflects Sun Life Singapore’s commitment to join hands with us to strengthen Singapore’s social compact, empowering those in need to fulfil their aspirations.”
“Our “Life is Brighter” fund aggregates efforts which already began a few years ago, helping us align our Sun Life Singapore journey, to our global sustainability vision. Since 2022, we have been working closely with like-minded organisations such as Community Chest to advance the cause for philanthropic giving.
We are glad to align our Corporate Social Responsibility and philanthropic goals with Community Chest and will continue to work on innovative and sustainable ideas together to give back to society, for the long term,” said Christopher Albrecht, Sun Life Singapore Chief Executive Officer.
Giving back to the community with SunBrilliance insurance solutions
Riding on the success of its Philanthropic Pledge, Sun Life Singapore has extended the pledge to its new SunBrilliance Whole Life insurance solution, which was unveiled in June 2024, with the goal to raise more donations in a sustainable manner. With every purchase of SunBrilliance Indexed Universal Life or SunBrilliance Whole Life, Sun Life Singapore will donate 0.5% from the premiums received, with a cap of US$20,000 per policy.
Sun Life has also introduced the Legacy Plus feature available in both SunBrilliance products (SunBrilliance Indexed Universal Life and SunBrilliance Whole Life) which allows the death benefit to be paid out in up to 10 annual instalments. The feature supports philanthropic goals by allowing clients to donate to charities over a period of up to 10 years, ensuring ongoing support to, and providing these organisations with, a predictable annual income to sustain their causes.
Together with the Philanthropic Pledge, Sun Life Singapore’s approach to incorporating philanthropic giving into insurance solutions has been recognised through several awards for innovation this year, including:
- New Insurance Product of the Year from Insurance Asia Awards 2024
- Insurance Product Innovation of the Year from Insurance Asia Awards 2024
- Most Innovative Product of the Year from Insurance Asia News Country Awards for Excellence 2024 (Singapore)
Since Sun Life Singapore started business in Singapore in 2020, it has pledged over S$900,000 to support more than 30,000 beneficiaries through 10 charitable organisations with a strong focus on Diabetes awareness, mental well-being and other community initiatives.
Sun Life's philanthropic efforts are in line with Singapore’s recently launched Sustainable Philanthropy Framework, developed by the National Council of Social Service (NCSS) and the National Volunteer and Philanthropy Centre (NVPC). The framework is designed to guide corporates in measuring and monitoring the social impact of their donations, volunteering, and inclusive hiring practices, and aligns closely with Sun Life's commitment to the social aspect of ESG, highlighting the organisation’s dedication to creating social value.
About Sun Life
Sun Life is a leading international financial services organisation providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2024, Sun Life had total assets under management of C$1.46 trillion. For more information, please visit www.sunlife.com. For more information about Sun Life Singapore, pls visit www.sunlife.com.sg.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.