SunLife

SunLife

Industry	Financial services
Founded	1810 (1810)
Headquarters	Bristol, United Kingdom
Area served	UK
Key people	Dean Lamble (CEO) [1] Justin Cole (Chief Operating Officer)[2]
Products	Life Insurance, Funeral Plans, Stocks and Shares ISA, Wills
Owner	Phoenix Group
Website	www.sunlife.co.uk

SunLife is a UK-based insurance business with its headquarters in Bristol, United Kingdom. It has been part of the Phoenix Group since 2016. The business offers life insurance, funeral plans, stocks and shares ISAs and Wills.

It is a member of the Association of British Insurers and Direct Marketing Association.^[3]

History

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. The Society’s first office opened opposite the Bank of England in London, and actuary Joshua Milne was appointed the first member of staff.

Sun Life Assurance Society

The Sun Life Assurance Society^[4][5] was founded in 1810 as part of the Sun Fire Office to provide life insurance.^[6] Sun Life Assurance Society bought over 20 life insurance societies during the late 19th and early 20th century and incorporated them, their branch offices and employees into the business. From the 1970s SunLife split their headquarters between London and Bristol.^[7] The Head Office moved to Bristol in 1976. In 1978, the company began distributing its first mail shots printed in full colour with an offer, enquiry, proposal forms and freepost reply address.^[8] In 1992, French insurer UAP became Sun Life Assurance Society’s major shareholder.^[9] 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 into Sun Life & Provincial Holdings thereby increasing its holding in the company from 60% to 72%.^[10] Then in May 2000, AXA acquired all shares it did not already own in the company.^[11]

In 2009, AXA Sun Life Direct, became Sun Life Direct.^[12] In autumn 2010, AXA sold its main life assurance business, AXA Sun Life Holdings Ltd to Resolution Group ^[13] whilst AXA continued to sell life insurance products through Sun Life Direct. In 2014, Sun Life Direct rebranded to SunLife with a range of direct-only products aimed at a younger audience.^[14]

In 2016, AXA sold its UK investment, pensions and insurance businesses, including SunLife, to UK insurer Phoenix in a £375m deal.^[15]

Business activities

Life insurance

SunLife offers both term life insurance as "Sun Life Insurance" and whole-of-life insurance as the ‘Guaranteed Over 50 Plan’. They are provided by AXA Wealth Limited.^[16] On 9 January 2014, SunLife ^[17] awarded a contract to Glasgow-based UK firm, Golden Charter to add a funeral benefit option to its ‘Guaranteed Over 50 Plan’.^[18]

Stocks and Shares ISA

On 18 June, SunLife announced it was launching a £10 per month stocks and shares ISA as part of a range of low cost savings products.^[19]

Cost of Dying report

The Cost of Dying report is SunLife’s annual research on the costs of funerals in the UK. The 9th annual survey was released in September, 2013. Sun Life’s Cost of Dying 2013 report revealed that the cost of dying in the UK rose by 7.1% from 2012 to £7,622 in 2013.^[20] Since starting in 2004 ^[21] this research has shown that funeral costs have been rising year on year,^[22] a total of 80% since 2004. Since 2009, this research has been conducted with the University of Bath and Dr. Kate Woodthrope.

SunLife and Dr Woodthorpe’s research made headlines in The Telegraph,^[23] The Huffington Post,^[24] Which ^[25] and The Mirror,^[26] as well as being featured by papers and radio stations including BBC Radio Bristol,^[27] BBC Radio London,^[28] BBC Radio Humberside ^[29] and Sky News Radio.^[30]

Brand and image

The logo

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, to demonstrate structures were protected against fire. These plaques were shown on the front of the insured building and indicated the organisation with whom they were insured. The first to use the mark was the Sun Fire Office.^[31] These developed over 200 years to the current SunLife logo.

Advertising

SunLife has been known for their use of celebrity personalities during advertisements for over 50’s life insurance. Frank Windsor appeared in TV commercials in the late 1990s ^[32] and June Whitfield advertised Guaranteed Over-50 Plan for 10 years. More recently, SunLife have been using Annette Crosbie and Michael Parkinson,.^[33]

References