Philanthropic giving does more than just support those in need. By shining a spotlight on good causes, it inspires others to contribute as well.

At the forefront of this effort is Sun Life Singapore, a branch of Sun Life Assurance Company of Canada, a global financial services organisation. Recently, Sun Life Singapore unveiled its Life is Brighter charity fund*, an initiative aimed at driving positive change.

In partnership with Community Chest Singapore, the fund will channel donations to selected charity and philanthropic projects, starting with a focus on diabetes prevention and mental well-being. Over time, its efforts will expand to include initiatives aligned with environmental, social and governance (ESG) principles. 

Diabetes prevention and elimination and mental wellness were selected to align with Sun Life’s global philanthropy goals to foster healthier lives in the community, shared Sun Life Singapore’s CEO Christopher Albrecht.

Mr Albrecht explained that the name of the charity fund reflects Sun Life’s long-standing commitment to maximising positive impact on our society and environment. Sun Life was recently listed among Corporate Knights’ 2024 Global 100 Most Sustainable Corporations in the World for the 15th consecutive time. 

“The Life is Brighter charity fund is an important milestone that underscores our ESG framework,” he noted. “We are committed to being a purpose-driven and sustainable organisation, one that cares for our clients’ lifetime financial security, promotes healthier lives, and supports our community and planet.” 

FUNDING IMPACTFUL CHANGE

Since launching in 2020, Sun Life Singapore has undertaken significant philanthropic efforts, partnering with organisations like the Singapore Association for Mental Health, TOUCH Community Services and Community Chest. Its partnership with Community Chest was established in 2022 and is driven by a shared mission to advocate philanthropic giving and uplift communities in need.

Sun Life Singapore’s Philanthropic Pledge reflects the insurer’s core purpose of helping clients achieve financial security while promoting healthier lives through charitable giving. Launched in July 2023, the pledge commits 0.5 per cent of premiums from its flagship SunBrilliance Indexed Universal Life plan towards philanthropic programmes that empower communities in need. The following year, the pledge was extended to include premiums from another flagship product, the SunBrilliance Whole Life plan. These funds are channelled through Community Chest to support organisations focused on mental well-being and diabetes prevention. The allocation of premiums from both the Indexed Universal Life and Whole Life policies accelerates the giving process and enables earlier support for communities and beneficiaries.

The collaboration has exceeded expectations, with Sun Life Singapore surpassing its initial pledge of S$520,000, set to be fulfilled by 2026. Now, the company is on track to raise S$800,000 for Community Chest by the end of this year.

Mr Chew Sutat, chairman of Community Chest, noted that Sun Life Singapore’s multi-year collaboration and social impact strategy serve as a model for companies to integrate sustainable philanthropy into their business while supporting employee engagement and uplifting communities. 

“The Life is Brighter charity fund aggregates efforts we began a few years ago, helping us to align Sun Life Singapore’s journey with our global sustainability vision,” said Mr Albrecht. “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.” 

Mr Albrecht added that Sun Life’s approach aligns with the framework developed by the National Council of Social Service and the National Volunteer and Philanthropy Centre, which helps corporations measure and track the social impact of their donations, volunteer efforts and inclusive hiring practices.

ENABLING MORE PLEDGES TO DO GOOD

The Life is Brighter charity fund is a key pillar of Sun Life Singapore’s long-term philanthropic strategy, aimed at driving meaningful, lasting change through practical programmes, said Mr Albrecht. 

By pooling donations from the company’s Philanthropic Pledge, corporate social responsibility funds and other sources, the fund serves as a central platform to efficiently manage and direct resources to impactful causes.

Sun Life Singapore’s innovative approach to integrating philanthropic giving into its insurance solutions has enhanced legacy planning, earning the company several accolades in 2024.

These recognitions include New Insurance Product of the Year and Insurance Product Innovation of the Year at the Insurance Asia Awards 2024, along with Most Innovative Product of the Year at the Insurance Asia News Country Awards for Excellence 2024 (Singapore) and Product Experience of the Year (Life Insurance) at the Asian Experience Awards 2024. The company also received Life Insurance Product of the Year and Best CSR Initiative from Global Insurance Innovation Awards 2024, as well as Charity Gold Award from Community Chest Awards 2024.

*The term “fund” refers to a consolidation of moneys by Sun Life Singapore, intended for its philanthropic purposes, and does not refer to an investment fund or a financial instrument.