Highlights include over $60 billion invested in assets and businesses
that support the transition to a low-carbon and more inclusive
economy
TORONTO, March 25, 2021 /PRNewswire/ - Sun Life Financial
Inc. ("Sun Life") (TSX: SLF) (NYSE: SLF) today published its 2020
Sustainability Report and its 2020 Public Accountability
Statement. The report highlights the organization's progress and
commitment to sustainability focusing on three key areas:
sustainable investing, financial security and healthier lives. It
also reports on topics related to operating as a trusted and
responsible business: diversity, equity and inclusion, data
security and privacy, governance and ethics. Sun Life issued the
results of its sustainability performance and initiatives,
demonstrating its ongoing commitment to sustainability in areas
where they have the most positive impact on society and the
environment.
"As a global leader, Sun Life plays a critical role in driving
positive change. We're committed not only to advancing our
sustainability objectives but also championing and contributing to
sustainability within our respective industries and in the business
communities where we operate," said Melissa Kennedy, Executive Vice-President, Chief
Legal Officer and Public Affairs and Executive Sponsor of
Sustainability, Sun Life. "Our approach to sustainability is
integrated into our strategic priorities and purpose and builds on
our foundation as a trusted and responsible business."
2020 marked a year of extraordinary global events, all of which
impacted societal health, equity, the environment and economies
around the world. These events heightened and highlighted the
importance of sustainability. Sun Life's 2020 Sustainability Report
shows many actions and outcomes where the company has helped its
Clients around the world overcome the health and economic impacts
of 2020.
"For Sun Life, sustainability means more than simply being
accountable. It is about taking actions that drive social outcomes
for our Clients, employees and communities over the long term,"
added Kennedy.
Selected highlights from Sun Life's 2020 Sustainability
Report:
Advancing sustainable investing
- Reached over $60 billion in
sustainable investments across its general account and third party
investments (as at December 31,
2020). These assets and businesses contribute to a
low-carbon and more inclusive economy, and meet criteria based on
market standards.
- Broadened SLC Management's alternative investment solutions for
institutional Clients to include infrastructure equity and advance
sustainable investment options through the majority acquisition of
InfraRed Capital Partners.
- Introduced a new Environmental, Social and Governance (ESG)
evaluation framework that helps Clients make informed decisions for
sustainable investing through Sun Life's Canadian Group Retirement
Services business.
Increasing financial security
- Helped Clients in Canada take
1.2 million positive financial actions. For example, thanks to Sun
Life's digital coach, Ella, Clients placed $700 million in savings products and obtained
$1 billion of insurance
coverage.
- Grew the availability of products and services to help Clients
in Asia increase their financial
security. Launched new digital solutions across the region and
partnered with two new bank distribution networks in Vietnam to make it easier for millions of
Clients to get the coverage and advice they need.
- Expanded low-cost insurance options for consumers in
the Philippines and Indonesia through strategic partnerships with
MediCard and LinkAja, contributing to nearly 120,000 microinsurance
policies issued to date.
Fostering healthier lives
- Launched Lumino Health Virtual Care in Canada, which connects Clients with medical
practitioners for virtual consults. This offering helps Clients in
need of enhanced medical support while social distancing.
- Helped U.S. Clients enrol easily in the benefit choices they
needed through Sun Life's Maxwell Health digital platform.
- Expanded their commitment to mental health through programs and
services to help Clients and employees during challenging
times.
Trusted and responsible business
- Intensified their goal to reach gender parity globally and to
have 25 per cent under-represented communities with specific goals
for Black, Indigenous and People of Colour in senior management
roles in North America by
2025.
- Built a sustainability assessment process into all aspects of
their corporate real estate operations in North America. Sun Life incorporates
sustainability considerations in every step of a building's
lifecycle.
- Supports the Task Force on Climate-related Financial
Disclosures (TCFD), and disclosed climate risks in line with the
TCFD recommendations in its 2020 Annual Management Discussion and
Analysis and the 2020 Annual Report.
Earlier in March, Sun Life announced its sustainable investing
and climate change actions, including an investment commitment of
C$20 billion in sustainable
investments over the next five years across its General Account and
third party investments. These additional investments may range
from renewable energy, energy efficiency, sustainable buildings,
clean transportation, water management, and social infrastructure
projects such as hospitals.
Sustainability is a key strategic priority for Sun Life. The
2020 Sustainability Report is the 10th report issued and
demonstrates its ongoing journey on its sustainability strategy.
Since 2014, Sun Life has used the Global Reporting Initiative (GRI)
framework to guide its reporting. This report is developed in
accordance with the GRI Standards Core Option and reports on
relevant disclosure topics identified in the Insurance and Asset
Management standards developed by the Sustainability Accounting
Standards Board (SASB).
Further details on Sun Life's 2020 Sustainability Report and its
2020 Public Accountability Statement are available at
sunlife.com/sustainability.
About Sun Life's Sustainability Plan
Sun Life's Sustainability Plan builds from a foundation as a
trusted and responsible business. At its core is a focus on the
areas where Sun Life can make the most positive social and
environmental impact: increasing financial security, fostering
healthier lives and advancing sustainable investing. Sun
Life's Sustainability Plan also focuses on minimizing its
environmental footprint, supporting diversity, equity and inclusion
in the workplace, data security and privacy, governance and ethics
and risk management. In 2019, Sun Life also became the first life
insurance company in the world to issue a sustainability bond. To
learn more about Sun Life's Sustainability Plan visit
www.sunlife.com/en/sustainability/.
About Sun Life
Sun Life is a leading international financial services
organization providing insurance, wealth and asset management
solutions to individual and corporate 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 December
31, 2020, Sun Life had total assets under management of
$1,247 billion. For more information
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian
dollars
Media Relations Contact:
Abigail Bueno
Manager, Corporate Communications
416-802-8107
abigail.bueno@sunlife.com
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SOURCE Sun Life Financial Inc.