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SunLife

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This article is about the UK insurance company. For the Canadian financial and insurance company, see Sun Life Financial.

SunLife Ltd
FormerlySun Life Direct
Company typeLimited
IndustryFinancial services
Founded1810 (1810)
Headquarters
United Kingdom
Area served
United Kingdom
Key people
Mark Screeton (CEO)[1]
Products
Number of employees
100 [2]
ParentPhoenix Group[3]
Websitewww.sunlife.co.uk

SunLife Ltd is a UK-based financial services company. Founded in 1810, the company is best known for its range of services for people aged 50 and over.

SunLife currently offers over 50s life insurance and equity release in the United Kingdom. In 1900, they became the first company to offer life insurance without a medical. SunLife has been part of the Phoenix Group since 2016.

SunLife is regulated by the Financial Conduct Authority[4] and their qualifying products are covered by the Financial Services Compensation Scheme. The company is a member of the Data & Marketing Association.[5] Their partners are also members of the Equity Release Council (Key Group)[6] and the Funeral Planning Authority (Dignity Funerals).[7]

History

1800 to 1900

SunLife can trace its history back to the establishment of the Sun Life Assurance Society on 28 March 1810, when the Sun Fire Office Board launched a separate company to offer life assurance.[8] The society's first office opened opposite the Bank of England in London, and actuary Joshua Milne was appointed the first member of staff.

During its first 12 months, Sun Life Assurance Society wrote 132 policies for a total sum assured of £163,150. The premium income was £6,077.[9] At an 1815 board meeting it was decided that, for the future, burial as well as death certificates would be required to substantiate claims.[10]

In 1835, the Society appointed its first Medical Officer to assist in the selection of lives for Assurance. Dr Henry Herbert Southey had previously been a Physician-in-Ordinary to the Monarch in 1823, and later Physician-Extraordinary for Queen Adelaide.[11] Amongst the life assurance candidates was Charles Dickens in 1838, whose application was declined by the Society on the grounds that he “works too much”.[12][13] The first Sun Fire Office salesman, Edward Trescott Liddell, was hired in 1865.[14]

1884 became a landmark year as Sun Life Assurance Society issued more than 1000 policies for the first time.[15] In 1891, the company set up the Sun Life Assurance Company of India, with offices at 7 Council House Street, Calcutta, and a local Board of Directors. Harris Saunders was the Actuary and General Manager.[16]

Sun Life Assurance Society bought over twenty life insurance societies during the late 19th and early 20th century and incorporated them, their branch offices and employees into the business.

1900 to 2000

Sun Life Assurance Society's first monthly premium plan was introduced in 1900. Towards the end of that year, they became the first company in the industry to offer life assurance without a medical examination.[17] In 1921, the non-medical scheme was finalised, meaning approved people aged 50 or over could get immediate whole of life cover without the need for a medical examination.[18]

In the years leading up to the Second World War, Sun Life Assurance Society owned East Hall, a house in the outskirts of Orpington. In 1938, it was made into a Southern Divisional Centre in preparation for the war.[19]

In 1965, the 155 years of close association between Sun Life and the Sun Fire Office came to an end.[20] The break was a result of the formation of the Sun Alliance and London Group. When Sun Alliance made a successful bid for London Assurance, it resulted in a conflict of interest with Sun Life, so it was agreed that they would go their separate ways.[21]

From the 1970s SunLife split their headquarters between London and Bristol.[22] The head office moved to Bristol in 1976–1977.[23] Within a year, Sun Life began sending out direct mail.[24] They introduced their very first plan for people aged over 50 in 1979.[25] In 1982, they became the world's first life assurance company to announce a £200,000 non-medical limit.[26]

In 1992, French insurer UAP became Sun Life Assurance Society's major shareholder.[27] Shortly after, Sun Life Assurance Society & Provincial Insurance Company merged and established the holding company, Sun Life & Provincial Holdings. In 1997 Axa, who had acquired UAP in 1996, transferred its Equity & Law business to Sun Life & Provincial Holdings increasing its holding in the company from 60% to 72%.[citation needed]

2000 to present

In May 2000, Axa acquired all shares it did not already own in the company. The business was renamed Axa Sun Life Direct, and then Sun Life Direct in 2009.[28]

Axa sold its main life assurance business to Resolution Group in 2010[29] and continued to sell life insurance products through Sun Life Direct. Dean Lamble, formerly of Aviva, was appointed Managing Director.[30] He was named CEO in 2016.[31]

Sun Life Direct rebranded to SunLife in 2014.[32] In the same year, SunLife announced a range of savings products, including stocks and shares ISAs.[33]

In 2016, Axa sold its UK investment, pensions and insurance businesses, including SunLife, to UK insurer Phoenix Group[34] in a £375 million deal.[35]

Business activities

Over 50s life insurance

SunLife offers two whole-of-life insurance plans. The first is called the Guaranteed Over 50 Plan. This is provided by Phoenix Life Limited[36] and currently has over 800,000 policy holders.[37] The second is called the Guaranteed Inheritance Plan. This is provided by iptiQ Life S.A.

Equity release

SunLife offers equity release. This is arranged and administered by Key Group.[38]

Funeral plans

SunLife previously offered a funeral plan called the SunLife Guaranteed Funeral Plan. Dignity Funerals Ltd arranges and provides the funeral services.[39]

Home insurance

SunLife previously offered a home insurance plan called the SunLife Home Insurance. This is arranged and administered by BISL Limited and underwritten by a panel of insurers.

Brand and image

A metal plaque with a sun in the middle and numbers 667403
A Sun Fire Office insurance mark

The SunLife logo originates from the fire insurance marks that were utilised within the UK from the late seventeenth century to the beginning of the twentieth. These plaques were displayed on the insured buildings and indicated the organisation with whom they were insured. The first to use the mark was the Sun Fire Office.[40] These developed over 200 years to the current SunLife logo.

Advertising

SunLife is known for their use of celebrity personalities in their advertising, including Frank Windsor,[41] June Whitfield,[42] Annette Crosbie,[43] Michael Parkinson,[44] Carol Vorderman[45] and Alan Titchmarsh.

Sponsorship

SunLife sponsored ITV Weather from 1996 to 1997.[46]

References

  1. ^ Meet the SunLife team
  2. ^ "Official Website of SunLife".
  3. ^ "Official website of Phoenix Group".
  4. ^ "SunLife Limited entry on the FCA register". Retrieved 7 August 2020.
  5. ^ "SunLife Ltd entry on DMA register". Retrieved 7 August 2020.
  6. ^ "Key entry on Equity Release Council register". Retrieved 14 July 2023.
  7. ^ "Dignity Funeral Plans entry on the Funeral Planning Authority register". Retrieved 7 August 2020.
  8. ^ "Sun Fire Office". The National Archives. Retrieved 4 June 2014.
  9. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 23.
  10. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 25.
  11. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 29.
  12. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 26.
  13. ^ "Sun Life turns 200 | Private Healthcare UK". www.privatehealth.co.uk. Retrieved 11 August 2020.
  14. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 36.
  15. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 39.
  16. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 40.
  17. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 44.
  18. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 54.
  19. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 59.
  20. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 68.
  21. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 69.
  22. ^ Sun Life Colin Marriner Accessed 4 June 2014
  23. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 74.
  24. ^ Minnitt, Jack (1985). The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 87.
  25. ^ "History". SunLife. Retrieved 11 August 2020.
  26. ^ Minnitt, Jack. The Sun Life Story 1810–1985. Sun Life Assurance Society. p. 103.
  27. ^ "Sun Life to buy Axa for £690m". The Independent. 3 July 1997. Archived from the original on 25 May 2022.
  28. ^ "Axa revives the Sun Life brand". Private Health. 26 January 2009.
  29. ^ "Axa sells UK business to buyout fund Resolution". BBC. 24 June 2010.
  30. ^ Holt, Natalie (12 October 2012). "Sun Life Direct hires ex-Aviva distribution director as MD". Money Marketing. Retrieved 11 August 2020.
  31. ^ "Dean Lamble appointed SunLife CEO". www.covermagazine.co.uk. 14 November 2016. Retrieved 11 August 2020.
  32. ^ "Sun Life looks to fill advice gap with direct only offering". Financial Times. 3 July 2014.
  33. ^ "Sun Life targets young with £10 per month ISA". Citywire. Retrieved 11 August 2020.
  34. ^ "Phoenix / SunLife and Embassy merger inquiry". GOV.UK. 31 August 2016. Retrieved 11 August 2020.
  35. ^ Kollewe, Julia (27 May 2016). "Axa sells UK businesses including SunLife to insurer Phoenix". The Guardian.
  36. ^ "2017 AWL policy transfer". www.phoenixlife.co.uk. Retrieved 11 August 2020.
  37. ^ "GOF verification". SunLife. Retrieved 11 August 2020.
  38. ^ Reporter, Financial. "SunLife and Key Group forge a new strategic partnership". The Intermediary. Retrieved 14 July 2023.
  39. ^ "Funeral Plans Claims". SunLife. Retrieved 18 July 2023.
  40. ^ Fire Insurance Wall Plaques Rowland G. M. Baker, 1970
  41. ^ "Frank Windsor". IMDb. Retrieved 11 August 2020.
  42. ^ "June Whitfield". IMDb. Retrieved 11 August 2020.
  43. ^ "Annette Crosbie". IMDb. Retrieved 11 August 2020.
  44. ^ "Michael Parkinson new face of AXA Sun Life | Private Healthcare UK". www.privatehealth.co.uk. Retrieved 11 August 2020.
  45. ^ "Carol Vorderman wields a chainsaw in new multi-million-pound ad campaign for SunLife – Marketing Communication News". Retrieved 11 August 2020.
  46. ^ "TV Whirl - TTTV Weather". www.tvwhirl.co.uk. Retrieved 20 May 2022.
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