SunLife
{{Short description|UK-based insurance business and part of the Phoenix Group}}
{{About|the UK insurance company|the Canadian financial and insurance company|Sun Life Financial}}
{{Use dmy dates|date=July 2015}}
{{Use British English|date=July 2015}}
{{Infobox company
| name = SunLife Ltd
| logo = File:SunLife-logo.png
| former_name = Sun Life Direct
| type = Limited
| genre =
| foundation = {{start date|1810}}
| location_city =
| location_country = United Kingdom
| origins =
| key_people = Mark Screeton (CEO)[https://www.sunlife.co.uk/about-us/ Meet the SunLife team]
| area_served = United Kingdom
| industry = Financial services
| products = {{unbulleted list|Life insurance|Equity release}}
| revenue =
| operating_income =
| net_income =
| num_employees = 100 {{Cite web |url=https://www.sunlife.co.uk/careers/ |title=Official Website of SunLife}}
| parent = Phoenix Group{{Cite web |url=https://www.thephoenixgroup.com/our-companies.aspx |title=Official website of Phoenix Group}}
| divisions =
| subsid =
| owner =
| slogan =
| homepage = {{URL|https://www.sunlife.co.uk/}}
| dissolved =
| footnotes =
}}
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{{Cite web|title=SunLife Limited entry on the FCA register|url=https://register.fca.org.uk/s/firm?id=001b000003d5ixrAAA|access-date=7 August 2020}} and their qualifying products are covered by the Financial Services Compensation Scheme. The company is a member of the Data & Marketing Association.{{Cite web|title=SunLife Ltd entry on DMA register|url=https://dma.org.uk/company/sunlife-ltd|access-date=7 August 2020}} Their partners are also members of the Equity Release Council (Key Group){{Cite web|title=Key entry on Equity Release Council register|date=10 July 2019 |url=https://www.equityreleasecouncil.com/company/key/|access-date=14 July 2023}} and the Funeral Planning Authority (Dignity Funerals).{{Cite web|title=Dignity Funeral Plans entry on the Funeral Planning Authority register|url=https://funeralplanningauthority.co.uk/providers/dignity-pre-arrangement-limited/|access-date=7 August 2020}}
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.{{cite web|title=Sun Fire Office|url=http://apps.nationalarchives.gov.uk/a2a/records.aspx?cat=002-37165&cid=0#0|access-date=4 June 2014|publisher=The National Archives}} 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.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=23}} At an 1815 board meeting it was decided that, for the future, burial as well as death certificates would be required to substantiate claims.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=25}}
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.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=29}} 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”.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=26}}{{Cite web|title=Sun Life turns 200 {{!}} Private Healthcare UK|url=https://www.privatehealth.co.uk/news/sun-life-turns-200-85185/|access-date=2020-08-11|website=www.privatehealth.co.uk|language=en}} The first Sun Fire Office salesman, Edward Trescott Liddell, was hired in 1865.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=36}}
1884 became a landmark year as Sun Life Assurance Society issued more than 1000 policies for the first time.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=39}} 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.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=40}}
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.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=44}} 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.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=54}}
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.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=59}}
In 1965, the 155 years of close association between Sun Life and the Sun Fire Office came to an end.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=68}} 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.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=69}}
From the 1970s SunLife split their headquarters between London and Bristol.[http://www.chessit.co.uk/Centenary/History/1982%20-%2075th/history/1982/sunlife.html Sun Life Colin Marriner] Accessed 4 June 2014 The head office moved to Bristol in 1976–1977.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=74}} Within a year, Sun Life began sending out direct mail.{{cite book |last=Minnitt |first=Jack |date=1985 |title=The Sun Life Story 1810–1985 |page=87 |publisher=Sun Life Assurance Society}} They introduced their very first plan for people aged over 50 in 1979.{{Cite web|title=History|url=https://www.sunlife.co.uk/history/|access-date=2020-08-11|website=SunLife|language=en-gb}} In 1982, they became the world's first life assurance company to announce a £200,000 non-medical limit.{{Cite book|last=Minnitt|first=Jack|title=The Sun Life Story 1810–1985|publisher=Sun Life Assurance Society|pages=103}}
In 1992, French insurer UAP became Sun Life Assurance Society's major shareholder.{{cite news |url=https://www.independent.co.uk/news/business/sun-life-to-buy-axa-for-pounds-690m-1248771.html |archive-url=https://ghostarchive.org/archive/20220525/https://www.independent.co.uk/news/business/sun-life-to-buy-axa-for-pounds-690m-1248771.html |archive-date=25 May 2022 |url-access=subscription |url-status=live |title=Sun Life to buy Axa for £690m |newspaper=The Independent |date=3 July 1997}} 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|date=October 2020}}
= 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.{{cite news|date=26 January 2009|title=Axa revives the Sun Life brand|work=Private Health|url=http://www.privatehealth.co.uk/news/january-2009/axa-revives-sun-life-brand-30198/}}
Axa sold its main life assurance business to Resolution Group in 2010{{cite news |url=https://www.bbc.co.uk/news/10401311 |title=Axa sells UK business to buyout fund Resolution |publisher=BBC |date=24 June 2010}} and continued to sell life insurance products through Sun Life Direct. Dean Lamble, formerly of Aviva, was appointed Managing Director.{{Cite web|last=Holt|first=Natalie|date=2012-10-12|title=Sun Life Direct hires ex-Aviva distribution director as MD|url=https://www.moneymarketing.co.uk/news/sun-life-direct-hires-ex-aviva-distribution-director-as-md/|access-date=2020-08-11|website=Money Marketing|language=en-GB}} He was named CEO in 2016.{{Cite web|date=2016-11-14|title=Dean Lamble appointed SunLife CEO|url=https://www.covermagazine.co.uk/news/2477191/dean-lamble-appointed-sunlife-ceo|access-date=2020-08-11|website=www.covermagazine.co.uk|language=en}}
Sun Life Direct rebranded to SunLife in 2014.{{cite news |url=http://www.ftadviser.com/2014/07/03/investments/savings-and-isas/sun-life-looks-to-fill-advice-gap-with-direct-only-offering-aETSn5p9t4rfLtQ0qjx3ZO/article.html |title=Sun Life looks to fill advice gap with direct only offering |newspaper=Financial Times |date=3 July 2014}} In the same year, SunLife announced a range of savings products, including stocks and shares ISAs.{{Cite news|title=Sun Life targets young with £10 per month ISA|language=en|work=Citywire|url=http://citywire.co.uk/new-model-adviser/sun-life-targets-young-with-10-per-month-isa/a757744|access-date=2020-08-11}}
In 2016, Axa sold its UK investment, pensions and insurance businesses, including SunLife, to UK insurer Phoenix Group{{Cite web|title=Phoenix / SunLife and Embassy merger inquiry|url=https://www.gov.uk/cma-cases/phoenix-sunlife-and-embassy-merger-inquiry|access-date=2020-08-11|website=GOV.UK|date=31 August 2016 |language=en}} in a £375 million deal.{{cite news |url=https://www.theguardian.com/business/2016/may/27/axa-sells-uk-businesses-sunlife-to-phoenix |title=Axa sells UK businesses including SunLife to insurer Phoenix |newspaper=The Guardian |date=27 May 2016 |first=Julia |last=Kollewe}}
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{{Cite web|title=2017 AWL policy transfer|url=https://www.phoenixlife.co.uk/about-phoenix-life/transfers-and-mergers/2017_awl_policy_transfer|access-date=2020-08-11|website=www.phoenixlife.co.uk|language=en}} and currently has over 800,000 policy holders.{{Cite web|title=GOF verification|url=https://www.sunlife.co.uk/verification/|access-date=2020-08-11|website=SunLife|language=en-gb}} 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.{{Cite web|last=Reporter|first=Financial|title=SunLife and Key Group forge a new strategic partnership|url=https://theintermediary.co.uk/2023/03/sunlife-and-key-group-forge-a-new-strategic-partnership/|access-date=2023-07-14|website=The Intermediary|date=6 March 2023 |language=en}}
= Funeral plans =
SunLife previously offered a funeral plan called the SunLife Guaranteed Funeral Plan. Dignity Funerals Ltd arranges and provides the funeral services.{{Cite web|title=Funeral Plans Claims|url=https://www.sunlife.co.uk/contact-us/claims/funeral-plan-claims/|access-date=2023-12-28|website=SunLife|language=en-gb}}
= 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
= The logo =
File:Sun Fire Office insurance mark (cropped).jpg
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.[http://www.moleseyhistory.co.uk/books/surrey/fireplaques/index.html Fire Insurance Wall Plaques] Rowland G. M. Baker, 1970 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,{{Cite web|title=Frank Windsor|url=http://www.imdb.com/name/nm0934783/otherworks|access-date=2020-08-11|website=IMDb}} June Whitfield,{{Cite web|title=June Whitfield|url=http://www.imdb.com/name/nm0925930/otherworks|access-date=2020-08-11|website=IMDb}} Annette Crosbie,{{Cite web|title=Annette Crosbie|url=http://www.imdb.com/name/nm0188950/bio|access-date=2020-08-11|website=IMDb}} Michael Parkinson,{{Cite web|title=Michael Parkinson new face of AXA Sun Life {{!}} Private Healthcare UK|url=https://www.privatehealth.co.uk/news/michael-parkinson-new-face-axa-sun-life-84438/|access-date=2020-08-11|website=www.privatehealth.co.uk|language=en}} Carol Vorderman,{{Cite web|title=Carol Vorderman wields a chainsaw in new multi-million-pound ad campaign for SunLife – Marketing Communication News|url=https://marcommnews.com/carol-vorderman-wields-a-chainsaw-in-new-multi-million-pound-ad-campaign-for-sunlife/|access-date=2020-08-11|language=en-GB}} Alan Titchmarsh and Roger Martin.
=== Sponsorship ===
SunLife sponsored ITV Weather from 1996 to 1997.{{Cite web |title=TV Whirl - TTTV Weather |url=https://www.tvwhirl.co.uk/weather/itv/tttv-weather/ |access-date=2022-05-20 |website=www.tvwhirl.co.uk}}