Homegrown financial services company Singlife with Aviva has launched its sustainability programme, outlining strategic, transparent and actionable steps to develop the sustainability agenda for financial services in Singapore and support the nation’s 2050 Net Zero goals.
Today, on World Rainforest Day, Singlife planted 50 trees at Bishan-Ang Mo Kio Park, with another 50 pledged for the rest of the year. This is in support of the National Parks Board’s OneMillionTrees initiative and the Garden City Fund.
Attending the event this morning, Minister for National Development & Minister-in-Charge of Social Services Integration Mr Desmond Lee said: “I am heartened that financial services organisations like Singlife are championing the sustainability agenda, such as through their support of NParks’ OneMillionTrees initiative. Singlife will not just be focusing on green investments, planting trees and supporting the environment but also on building community bonds and supporting families as part of their sustainability efforts. With the backing from our corporate and community partners, we can create a sustainable future and work towards transforming Singapore into a City in Nature together.”
Also in attendance was Mediacorp Artiste Pierre Png, who stars in Singlife’s inaugural brand campaign which will be launched across television, radio, OOH and digital this Friday (24 Jun). He said, “Singlife has been committed to simplifying financial services and giving Singaporeans control over their financial future, by empowering us to make smarter and savvier financial choices. I am excited to represent the Singlife brand and its sustainability agenda, to help it chart a better way to financial freedom for everyone.”
Prof Leo Tan, Chairman, Garden City Fund said: “It is encouraging to see more companies in the financial industry that are taking up the responsibility to contribute to a more sustainable future. Singlife’s tree planting today will benefit the community for many generations and contribute to the OneMillionTrees Movement and SG Green Plan’s 2030 goals. We look forward to working with Singlife for a sustainable future.”
A Better Way to Sustainability
Singlife believes in creating long-term sustainable value as a business and embedding sustainable practices in all that it does.
Pearlyn Phau, Group Chief Executive Officer, Singlife with Aviva, said: “We are a financial services company, incorporated in Singapore. We are in a long-term business, and we are here for good. It is imperative that we take a strong stance on sustainability because it is core to what we do and who we are. We are committed to our stakeholders, trusted as a business and empathetic to our customers and the environment we operate in. So, we must always find a better way forward and a better way to sustainability.”
To achieve its aggressive sustainability targets in the next five years, the most immediate being to become a signatory of the United Nations’ Principles for Sustainable Insurance (UN PSI) by the end of 2022, Singlife has laid out three focus areas:
- Building a sustainable business through responsible investments, innovative sustainable products and carbon neutral operations.
Singlife will refine its strategic assets allocation so that it incorporates sustainable investments and commits its entire portfolio to being reviewed and measured daily against key sustainability objectives.
Singlife has co-seeded several sustainable funds since the start of 2022, including a commitment of US$50 million in the Altrium Sustainability Fund I, managed by Azalea Investment Management Pte. Ltd., indirectly owned by Temasek.
It also seeded EUR$50 million in the Qblue Global Sustainable Leaders Fund and US$100 million in the Copenhagen Infrastructure Green Credit Fund.
Singlife is an active participant of Project Greenprint, supported by the Monetary Authority of Singapore (MAS) to promote green finance by mobilising capital, monitoring sustainability commitments, and measuring impact. As part of the project, Singlife will develop insurance solutions for green logistics and buildings in Singapore in partnership with the Greenprint ESG Registry, driven by Fintech company Hashstacs (STACS).
Earlier this year in an industry-leading move, Singlife appointed European sustainability data provider Matter, to provide a comprehensive view of its sustainability performance and make recommendations on sustainable practices to create long-term ESG value for stakeholders.
Singlife is also committed to achieving Net Zero in its operations by 2050.
- Supporting its people, customers and community by fostering positive relationships and developing financial literacy and skill building programmes.
Singlife is also proud to partner Community Chest through its regular giving SHARE programme, which supports over 200 critical services that empower those in need. Singlife will support the programme through a two-pronged approach – staff volunteerism and a dollar-for-dollar matching scheme in collaboration with the Government for corporate or individual donations.
Singlife’s first financial literacy workshop will be conducted this Friday (24 Jun), in collaboration with Thye Hua Kwan Moral Charities Ltd.
It is also working to provide free insurance to caregivers with various social service agencies.
- Operate transparently and ethically with the right risk culture, practices and controls, making right decisions, complying with the law and disclosing our progress in sustainability.
As a supporter of the UN-led Task Force on Climate-related Financial Disclosures, Singlife published its inaugural Climate Performance Financial Report this month.
The report addresses the Environmental Risk Management Guidelines for Insurers published by the MAS, on how insurers can identify, assess, and manage climate-related risks and opportunities within their business operations, underwriting and investment activities.
Chia Ko Wen, Head of Sustainability, Singlife with Aviva also sits on the Sustainability Reporting Advisory Committee as a representative of the insurance industry. Established by the Accounting and Corporate Regulatory Authority and the Singapore Exchange Regulation and supported by the Ministry of Finance, the committee will work out a roadmap for implementing Sustainability Reporting (SR) by Singapore-incorporated companies and provide inputs on the suitability of international SR standards in Singapore.
Singlife will transition its business towards fully sustainable, carbon neutral operations, while leveraging on its broad distribution network to build financial literary skills and sustainability awareness for its customers and the wider community.
Singlife with Aviva added that it will commit to plant another 300 trees every year for the next five years.