SunLife

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

  1. ↑ Sun Life Direct hires ex-Aviva distribution director as MD Money Marketing, 12 October 2012
  2. ↑ Justin Cole profile on LinkedIn
  3. ↑ "Sun Life Direct entry on DMA Register". Retrieved 4 June 2014.
  4. ↑
  5. ↑ Sun Fire Office National Archives Accessed 4 June 2014
  6. ↑ Sun Fire Office National Archives, Accessed 4 June 2014
  7. ↑ Sun Life Colin Marriner Accessed 4 June 2014
  8. ↑ Minnitt, Jack (1985). The Sun Life Story 1810-1985. Page 87, Sun Life Assurance Society.
  9. ↑ Sun Life to buy AXA for £690m Independent, 3 July 1997
  10. ↑ AXA in Sun Life buyout talks This is Money, 24 March 2000
  11. ↑ AXA revives the Sun Life brand 21 January 2009
  12. ↑ AXA revives the Sun Life brand Private Health, 26 January 2009
  13. ↑ AXA sells UK business to buyout fund Resolution BBC, 24 June 2010
  14. ↑ Sun Life looks to fill advice gap with direct only offering Financial Times Advisor, 3 July 2014
  15. ↑ Guardian, 27 May 2016
  16. ↑ AXA Life Insurance Accessed 30 May 2014
  17. ↑ AXA Sun Life Direct and Golden Charter Set to ignite the Funeral Market? Insurance News Net, 15 January 2014
  18. ↑ Golden Charter increases market dominance with new sun life agreement Herald Scotland, 9 January 2014
  19. ↑ Sun Life targets young with £10 per month ISA City Wire, 19 June 2014
  20. ↑ The rising cost of dying: Average funeral now costs £7,600 and thousands are struggling to afford a fitting send off Daily Mail, 21 January 2014
  21. ↑ Affording a Funeral Institute for Policy Research Accessed 15 June 2014
  22. ↑ Affording a Funeral, project rationale and aims University of Bath Accessed 15 June 2014
  23. ↑ Cost of dying has ‘rise sharply’ Telegraph, 4 September 2013
  24. ↑ Cost of Dying increase 7.1%, average price of death now £7,622 Huffington Post, 4 September 2013
  25. ↑ Funeral costs increase by 80% since 2004 Which, 4 September 2013
  26. ↑ Rest in poverty: Over-60s hit by cost of living crisis Daily Mirror, 4 September 2013
  27. ↑ Sun Life Broad Audio Interview BBC Bristol Accessed 30 June 2014
  28. ↑ Sun Life Broad Audio Interview BBC London Accessed 30 June 2014
  29. ↑ Sun Life Broad Audio Interview BBC Humberside Accessed 30 June 2014
  30. ↑ Sun Life Broad Audio Interview Sky News Radio Accessed 30 June 2014
  31. ↑ Fire Insurance Wall Plaques Rowland G. M. Baker, 1970
  32. ↑ Other works for Frank Windsor Accessed 30 June 2014
  33. ↑ Sir Michael Parkinson is the new face of AXA Sun Life Direct Private Health, January 2008
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