Climate Change Data

Singapore Life Ltd

Climate Impact & Sustainability Data (2022, 2023)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:459 tCO2e/year (Scope 2)
Scope 1 Emissions:Negligible
Scope 2 Emissions:459 tCO2e/year
Scope 3 Emissions:Ongoing assessment
Total Energy Consumption:1125 MWh/year
Carbon Intensity:0.32 tCO2e/employee (Scope 2)

ESG Focus Areas

  • Responsible Investment
  • Accelerator of Net Zero
  • Innovator for Green and Good
  • Sustainability-Embedded Culture
  • Effective Governance and Risk Management

Environmental Achievements

  • Planted 100 trees in 2022 and committed to planting 300 more per year over the next five years
  • Digitalised 75% of customer communications
  • Introduced supplier sustainability assessment
  • Updated Supplier Code of Conduct to include Environmental, Social, and Governance (ESG) principles
  • Introduced Sustainability Operating Guidelines for employees

Social Achievements

  • Launched financial literacy programme in collaboration with Thye Hua Kwan Moral Charities
  • Partnered with charity TomoWork to support their Talent Explorer Programme (TEP) for students with special educational needs
  • Engaged close to 150 employees in five community programmes
  • Recorded zero workplace incidents in Singapore and the Philippines

Governance Achievements

  • Established a Sustainability Committee, Sustainability Management Committee and Sustainability Team
  • Became a TCFD supporter and published inaugural climate-related financial disclosures
  • First local entity to be recognised as a UN PSI signatory within its first year of operations
  • Received the Data Protection Trustmark (DPTM) certification

Climate Goals & Targets

Long-term Goals:
  • Achieve net-zero emissions by 2050
Medium-term Goals:
  • Plant an additional 1,500 trees over the next five years
  • 50% increase in employee volunteering hours
  • Establish two long-term strategic partnerships with community partners
Short-term Goals:
  • Achieve STP rates of 60% to 70% for Medical Claim Assessment System within the next two years
  • Obtain EDGE Certification
  • Obtain ISO 27001 certification

Environmental Challenges

  • Increase in energy and emissions intensity in 2022 from 2021 due to factors such as low energy use in 2021 due to work from home arrangements and increased energy use for renovation work and office space expansion.
  • Need to establish a reliable emissions baseline covering all scopes of emissions and develop a decarbonisation roadmap.
Mitigation Strategies
  • Incorporated sustainable design principles into new office space (LED lights, energy-efficient systems, sustainable materials)
  • Implemented Sustainability Operating Guidelines for employees to promote sustainability and reduce resource consumption
  • Leveraging digital technology to reduce paper consumption (75% of customer communications through digital channels)
  • Migrating IT infrastructure to the cloud to save energy

Supply Chain Management

Responsible Procurement
  • Supplier Code of Conduct with embedded sustainability principles
  • Sustainability components embedded into onboarding due diligence and annual monitoring checks for key outsourcing service providers

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
  • Chronic shifts in climatic conditions (rising sea levels)
Transition Risks
  • Changing environmental policies
  • Introduction of environmental-positive technology
  • Changes in consumer preferences for sustainable products
Opportunities
  • Development of energy-efficient products
  • Investment in renewable energy projects

Reporting Standards

Frameworks Used: GRI

Certifications: Data Protection Trustmark (DPTM)

UN Sustainable Development Goals

  • SDG 3
  • SDG 5
  • SDG 8
  • SDG 10
  • SDG 13

Singlife's material ESG topics and strategic priorities support the relevant UN SDGs.

Sustainable Products & Innovation

  • Rainfall Protection Cover for travel insurance
  • Green Logistics Fleet insurance
  • Electric Vehicle insurance with discounted premiums

Awards & Recognition

  • Mobile App of the Year
  • Domestic General Insurer of the Year at the 26th Insurance Asia Awards 2022
  • Innovative HR Team award by Human Resources Director (HRD) Asia

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:3,989 tonnes of CO2e (FY2022)
Scope 1 Emissions:0
Scope 2 Emissions:456 tCO2e (FY2023)
Scope 3 Emissions:761,328 tCO2e (FY2022)
Renewable Energy Share:0%
Total Energy Consumption:1,094 MWh (FY2023)
Water Consumption:1,765.43 (FY2023, limited data coverage)
Carbon Intensity:0.301 tCO2e per employee (FY2023)

ESG Focus Areas

  • Responsible Investment
  • Low Carbon Operations
  • Innovation for Green and Good
  • Culture
  • Community Care
  • Effective Governance
  • Ethical and Robust Risk Management Practices

Environmental Achievements

  • Reduced Scope 2 emissions intensity by close to 5% to 0.301 tCO2e per employee
  • Achieved a paper recycling rate of 49.8%
  • Reduced energy usage by 2.8% from 1,125 megawatt-hours (MWh) to 1,094 MWh
  • Reduced energy intensity by 7.7%

Social Achievements

  • Launched Singlife Care Collab, a one-stop health services hub
  • Introduced Heatstroke Insurance and Gig Connect insurance proposition
  • Achieved a 283% increase in total volunteering hours compared to the previous year
  • Attained EDGE certification for gender equality
  • Launched Singlife Wellness360, an Employee Assistance Program

Governance Achievements

  • Attained ISO 27001 certification for information security management system
  • Renewed APEC Cross Border Privacy Rules certification
  • Established Community Impact and Engagement Guidelines (CIEG)
  • Zero cases of non-compliance resulting in fines or non-monetary sanctions
  • Maintained 100% completion of mandatory e-learning on various compliance topics

Climate Goals & Targets

Long-term Goals:
  • Achieve net-zero emissions by 2050
Medium-term Goals:
  • Assess Scope 1 and 2 emissions for all Singapore and Philippines offices
  • Start developing decarbonisation roadmap
  • Assess Scope 3 emissions for Singapore sites
Short-term Goals:
  • 10% increase in average employee volunteering hours from FY2023
  • Establish long-term community partnerships and programmes

Environmental Challenges

  • Data availability limitations in assessing Scope 3 emissions and water consumption
  • Challenges in engaging investee companies to improve data availability
  • Heightened geopolitical and economic uncertainties
  • Unprecedented weather events
Mitigation Strategies
  • Engaging landlords to explore renewable energy credits and energy conservation measures
  • Working with external asset managers to improve data availability and environmental metrics
  • Developing a Net Zero Transition Plan
  • Implementing various measures to reduce operational emissions (LED lighting, digitalization)

Supply Chain Management

Supplier Audits: Annual monitoring checks; ESG assessments during onboarding

Responsible Procurement
  • Supplier Code of Conduct (CoC) outlining ESG principles

Climate-Related Risks & Opportunities

Physical Risks
  • Acute and chronic environmental changes (extreme weather, rising sea levels)
  • Financial losses from operational disruptions
Transition Risks
  • Policy changes (increased pricing of GHG emissions, regulations)
  • Technology changes (stranded assets)
  • Market changes (repricing of assets)
Opportunities
  • Development of sustainable products and services

Reporting Standards

Frameworks Used: GRI Standards 2021, TCFD Recommendations, UN Principles for Sustainable Insurance (PSI)

Certifications: EDGE Certification, ISO 27001, APEC Cross Border Privacy Rules

Third-party Assurance: Evaluating external assurance

UN Sustainable Development Goals

  • Goal 3
  • Goal 5
  • Goal 8
  • Goal 10
  • Goal 13
  • Goal 16

Alignment with six UN SDGs based on business strategy and strengths

Sustainable Products & Innovation

  • Heatstroke Insurance
  • Gig Connect
  • Electric Vehicle Insurance
  • Rainfall Protection Cover

Awards & Recognition

  • Asia Sustainability Reporting Awards (ASRA) – Asia's Best Sustainability Report (Bronze)
  • IPRS PRISM Awards – Outstanding Sustainability Communications Campaign (Merit)