The Singaporean financial services company Singlife with Aviva is to become an official signatory of the United Nations’ (UN) Principles for Sustainable Insurance (PSI).
The PSI acts as the global sustainability framework and initiative of the UN’s Environment Programme Finance Initiative (UNEP FI).
Launched in 2012, the UNEP FI PSI Initiative is the largest collaborative programme between the UN and the insurance industry to address ESG risks and opportunities.
In achieving a more risk-aware world, signatory companies of the PSI initiative will enable a healthy, safe, resilient and sustainable society in order to provide quality and reliable risk protection.
Through a rigorous selection process, signatory companies are encouraged to drive activities that support the adoption and implementation of its four main Principles:
- Embedding ESG issues into businesses
- Raising awareness and mitigating risks in ESG
- Partnering with key stakeholders to promote action
- Demonstrating accountability and transparency in implementation
At present, over 200 global organisations have become PSI signatories, representing more than a quarter of the world’s insurance premium volume and more than S$19.6trillion ($14trillion) in assets under management.
Joining a cohort of industry insurers, Singlife is the first local entity from the Southeast Asia region to be recognised as a signatory within its first year of operations.
The brand went live at the beginning of this year, being born from one of the largest deals in the history of Singapore’s insurance sector.
The company appointed its head of sustainability, Chia Ko Wen in June 2022 as the insurance industry representative to the Sustainability Reporting Advisory Committee, established by the Accounting and Corporate Regulatory Authority and the Singapore Exchange Regulation, supported by the Ministry of Finance.
Wen will work to foster sustainable economic and social development in the nation and beyond and drive sustainability efforts within Singapore. This is also part of Singlife’s commitments under the UN PSI.
The company established its own policies on human rights, diversity, equity and inclusion in accordance with the UN guiding principle on business and human rights to maintain a diverse workforce and protect its employees, business partners and communities with which it engages.
Singlife is also a supporter of the UN-led Task Force on Climate-Related Financial Disclosures (TCFD) and will review its investment strategy and operations to ensure sustainability, while also pledging to report its climate performance financials.
The company has appointed European sustainability data provider Matter to provide a comprehensive view of its sustainability performance.
Recognising how real change only happens when leading by example, Pearlyn Phau, the company’s group CEO, describes Singalife with Aviva’s commitment to being a “trusted partner for our people, customers and communities, creating and strengthening a more sustainable tomorrow for generations to come.”
To achieve this, the company has set out multiple sustainable targets for the next five years, encompassing financial literacy and transparency in accordance with delivering corporate sustainability.
The company has also co-seeded several sustainable funds since its formation, committing S$69.6million ($50million) to the Altrium Sustainability Fund I, managed by Azalea Investment Management.