Singlife, a leading financial services provider, joins the global network of responsible investors by committing to the UN-recognized Principles for Responsible Investment (PRI).
Singlife, a local provider of financial services, has agreed to abide by the Principles for Responsible Investment, which are recognized by the UN. Now that Singlife has joined the global network of institutional investors dedicated to incorporating environmental, social, and governance (ESG) factors into their investment methods and ownership policies, it becomes the first insurer in Southeast Asia to do so.
The Principles for Responsible Investment (PRI), which is supported by the UN, aims to comprehend the financial consequences of ESG variables and to assist its global network of investor signatories in incorporating these considerations into their ownership and investment decisions. The PRI, which was established in New York in 2006, now has over 5,000 signatories and oversees over US$121 trillion.
Within its first year of operations, Singlife became the first Singapore-based insurer acknowledged as a signatory of the UN Principles for Sustainable Insurance (PSI) in July 2022. It also already backs the Singapore Stewardship Principles (SSP) for Responsible Investors and the UN-led Task Force on Climate-Related Financial Disclosures (TCFD).
Singlife keeps track of how its portfolio’s goals match with the UN Sustainable Development Goals (SDGs) in order to advance the global sustainability agenda. By the end of 2022, Singlife would have invested more than S$500 million in environmentally friendly projects including the Altrium Sustainability Fund I, which was co-founded by Singlife and the Azalea Group, a Temasek indirect subsidiary, and launched by Azalea Investment Management.
Sustainability Report for Singlife
The dedication of Singlife to the ESG goal was demonstrated in its first Sustainability Report. For the fiscal year 2022, the report highlights its sustainability approach, priorities, procedures, and progress. The study details the company’s ‘RAISE’ five-pronged sustainability approach, which includes being a responsible investor, an accelerator of net zero, an innovator for green and good, a proponent of green and good innovation, a proponent of sustainability-embedded culture, and an effective risk manager.
Singlife’s head of sustainability, Chia Ko Wen, spoke on the significance of the change for the business. “Sustainability is a key component of Singlife’s business strategy, and we have made significant progress since launching our sustainability program a year ago,” he declared.
Our inaugural Sustainability Report strives to be transparent about our development and provide stakeholders a better understanding of our strategy and goals.
We feel honored to be the first insurer from Southeast Asia to join the PRI. This is evidence of our commitment to actively promoting sustainability goals through responsible investing.
“Insurers are a crucial voice in the worldwide shift to responsible investment,”
Singlife’s Kim Rosenkilde, the company’s global chief investment officer, added: “Joining the PRI is a part of our fiduciary duty to our clients. In order to better understand the risks and opportunities, we must incorporate ESG factors into our investing decisions if we are to act in their long-term interests. As our investment strategy develops, we will aim to uphold the ideals and strengthen our procedures.
Principles for Responsible Investment’s CEO, David Atkin, stated: “We’re happy to welcome Singlife as a signatory to the PRI and the first insurer from Southeast Asia to join the organization. Insurance companies play a crucial role in the global shift toward responsible investing, thus we applaud Singlife for its dedication to openness and disclosure, which is demonstrated by the publication of the company’s Sustainability Report. Finally as a significant current and potential signatory to the PRI, we look forward to collaborating with Singlife.