Sun Life Singapore rolls out new fund to boost philanthropy and ESG efforts
Sun Life Singapore rolls out new fund to boost philanthropy and ESG efforts | Insurance Business Asia
Life & Health
Sun Life Singapore rolls out new fund to boost philanthropy and ESG efforts
Charitable efforts also extended to insurance solutions
Life & Health
By
Roxanne Libatique
Sun Life Assurance Company of Canada Singapore Branch (Sun Life Singapore) has launched the “Life is Brighter” charity fund, which will initially focus on charitable activities within Singapore.
It has plans to gradually broaden the fund’s scope to include environmental, social, and governance (ESG) initiatives.
Sun Life Singapore collaborates with Community Chest
As part of the fund’s launch, Sun Life Singapore will work with Community Chest, the philanthropy and engagement arm of Singapore’s National Council of Social Service, to direct donations to various health and wellness causes, particularly targeting diabetes prevention and mental health.
The company anticipates raising approximately S$800,000 by the end of 2024, exceeding an initial pledge of S$520,000, which is targeted for 2026.
Sun Life Singapore Life is Brighter charity fund
The fund is part of Sun Life’s broader efforts to enhance its ESG commitments and reflects its global sustainability focus.
This fund will consolidate donations made through Sun Life Singapore’s “Philanthropic Pledge,” an initiative launched in July 2023. The pledge marked a first for Singapore’s insurance industry, incorporating charitable giving directly into life insurance policies.
The fund will pool these contributions, along with other donations, to be directed toward selected causes.
Christopher Albrecht, CEO of Sun Life Singapore, emphasised the fund’s alignment with the company’s sustainability goals.
“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,” he said.
Sun Life Singapore’s philanthropic efforts
In 2024, Sun Life Singapore will focus its philanthropic efforts on health, particularly diabetes prevention and mental health, both of which are increasingly relevant post-pandemic.
The company plans to strengthen existing partnerships with organisations like the Singapore Association for Mental Health (SAMH) and TOUCH Community Services, as well as explore potential collaborations with KK Women’s and Children’s Hospital and the nonprofit Limitless, which supports at-risk youth.
Community Chest chairman Chew Sutat highlighted Sun Life Singapore’s ongoing collaboration with the organisation.
“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,” he said, adding that the new fund is a significant step towards fostering sustainable philanthropy in Singapore.
Sun Life Singapore expands charitable efforts
The company is also extending its charitable efforts through its SunBrilliance insurance products, launched in June 2024. Through this initiative, Sun Life Singapore donates 0.5% of premiums, up to US$20,000 per policy.
The Legacy Plus feature included in the SunBrilliance products allows policyholders to distribute death benefits to charities in annual instalments over 10 years, providing steady support for nonprofit organizations.
Since 2020, Sun Life Singapore has pledged over S$900,000 to charitable causes, benefiting more than 30,000 individuals across 10 organisations.
The company’s efforts align with Singapore’s Sustainable Philanthropy Framework, established by the National Council of Social Service and the National Volunteer and Philanthropy Centre, which guides companies in measuring the social impact of their donations and volunteer activities.
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