Singlife is First Southeast Asian Insurer Signatory to Join UN-Supported Principles for Responsible Investment

Leading homegrown financial services company Singlife today announces that it has become a signatory of the United Nations (UN)-supported Principles for Responsible Investment (PRI). Singlife is the first insurer in Southeast Asia to join the leading global network for institutional investors who are committed to integrating environmental, social and governance (ESG) considerations into their investment practices and ownership policies.

With a firm commitment to the ESG agenda, Singlife has also published its inaugural Sustainability Report which outlines the company’s sustainability approach, priorities, practices and progress for financial year 2022. The report details Singlife’s five-pronged sustainability strategy called RAISE – Responsible investor, Accelerator of net zero, Innovator for green and good, Sustainability-embedded culture, and Effective governance and risk management.

“Sustainability is a core pillar of Singlife’s business strategy, and we have made meaningful progress since launching our sustainability programme a year ago. We are pleased to be releasing our first Sustainability Report which aims to provide transparency on our progress and allow stakeholders to understand our approach and ambitions,” said Chia Ko Wen, Head of Sustainability, Singlife. “We are honoured to be the first Southeast Asian insurer to join the PRI. This reflects our dedication to playing an active role in advancing sustainability outcomes through responsible investing.” 

“Joining the PRI is part of our fiduciary responsibility to our clients. We have a duty to act in their long-term interests and that means integrating ESG considerations into our investment process and decisions, so that we can better assess the risks and opportunities. We will work to uphold the principles and strengthen our practices as our investment approach evolves and matures,” said Kim Rosenkilde, Group Chief Investment Officer, Singlife.

“We’re pleased to welcome Singlife as a signatory to the PRI, and as the first Southeast Asian insurer to join the organisation. Insurers are an integral voice in the global move towards responsible investment and we welcome Singlife’s commitment to transparency and disclosure, as evidenced by the release of the organisation’s Sustainability Report. We look forward to working with Singlife as a vital part of the PRI’s signatory base now and in the future,” said David Atkin, CEO, Principles for Responsible Investment. 

Supported by the UN, the PRI works to understand the investment implications of ESG factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. Launched in New York in 2006, the PRI has grown to more than 5,000 signatories, managing over US$121 trillion.

Singlife has a steady track record of adopting international principles and best practices to accelerate its sustainability journey. In July 2022, Singlife became the first local insurer to be recognised as a signatory of the UN Principles for Sustainable Insurance (PSI) within its first year of operations. It is also a supporter of the UN-led Task Force on Climate-Related Financial Disclosures (TCFD) and Singapore Stewardship Principles (SSP) for Responsible Investors. Its Responsible Investment Guidance incorporates these principles to embed responsible investing principles into strategy and risk management.

In support of the international sustainability agenda, Singlife also monitors its portfolio’s alignment to the UN Sustainable Development Goals (SDGs). As of December 2022, Singlife has committed over S$500 million towards sustainable investments such as the Altrium Sustainability Fund I launched by Azalea Investment Management and co-seeded by Singlife and sponsor, the Azalea Group, an indirect subsidiary of Temasek.

To learn more about Singlife’s sustainability agenda, read its inaugural Singlife Sustainability Report 2022 here.