Sun Life is operating with an abundance of care to limit the spread of COVID-19 amongst our employees – and the world around us. Our top priority is the health and well-being of our employees, Clients, advisors, consultants and communities.
We are monitoring the global developments related to COVID-19 and adjusting our processes, practices and procedures as the situation evolves.
We want to ensure we continue to deliver for you, our Clients. We know that you need us now, more than ever. We will provide regular updates on this page to help keep you informed.
- Extending out-of-country coverage for students studying abroad
- Webinar: Managing anxiety as the world re-opens
- Personal protective equipment costs due to COVID-19
- Helping you share the value of Lumino Health Virtual Care with your plan members
We've built our business on managing risks like economic changes
As the world responds to the COVID-19 health and financial crisis, we know there are many questions about where Sun Life stands financially. We’ve built the foundation of our business on managing risks that may happen due to economic changes. We also have 155 years worth of experience to back it up.
Sun Life is resilient.
The best measurement of Sun Life’s financial strength is through our:
- Capital position
- Risk framework
- Financial strength ratings
- Strong earnings performance and payment of dividends out of these earnings
You can feel comforted during this difficult time knowing:
We’re in a very strong capital position We have a healthy level of capital to meet our financial commitments to Clients.
- The Life Insurance Capital Adequacy Test (LICAT) ratio measures a company’s ability to meet its obligations. It’s one of several indicators used by Office of the Superintendent of Financial Institutions (OSFI) to assess an insurer’s financial condition. The minimum required is 90%. Sun Life’s LICAT ratio is 143%– well above the minimum.
- We have a diversified business. With multiple product lines and services and operations around the world, we’re a diverse organization.
- This helps us prevent over-exposure in any one market or region.
- This diversity is also important to ongoing success, especially during challenging economic times.
- We're leading in financial ratings. We’re proud to say that Sun Life’s ratings as a public life insurance company are amongst the best in North America. Our best in class ratings show Sun Life’s risk practices and strong financial flexibility.
Business Continuity and Pandemic plans
At Sun Life, we are monitoring global developments related to coronavirus very closely. We are following the guidance of trusted global agencies, as well as medical experts within Sun Life. We are taking precautionary measures with our own employees in order to minimize any potential risk of disruption to servicing our Clients.
Our enterprise-wide business continuity policy governs business continuity (including pandemic planning) and disaster recovery planning for critical business functions performed at all our major business locations. The focus of our plans is to protect the health and safety of our employees, mitigate business and operational disruptions for our Clients and carry out our regulatory and contractual obligations in a responsible manner. The business continuity plan is flexible and can be adapted to a wide range of events.
Our approach includes building contingency plans founded on “all hazards” crisis management, business continuity, and disaster recovery services including support from vital external service providers and external business partners. Response plans include pandemic, facility outages, systems, power outages, etc.
Disaster recovery plans include offsite recovery and back-up data storage facilities. We also employ a dual recovery strategy which includes redirecting work and/or staff amongst multiple sites, or having staff work-from-home where possible. In some circumstances elements of our recovery plan include participation of major third party service providers. These elements are governed by contracts which include service level agreements.
Overall coordination, guidance and compliance monitoring for business continuity across Sun Life is a centralized function, and a crisis management team comprised of senior management across Sun Life with support teams for Human Resources, Legal and Compliance, Communications, Information Technology and Facilities, is responsible for overseeing all aspects of the business continuity and recovery activities.
Our business continuity policy requires all business continuity plans to be tested at a minimum on an annual basis.
Information for plan members
We have launched a dedicated page for plan members at sunlife.ca/covid-19 that we will continually update with the latest information.
How to stay up-to-date on COVID-19
- Visit the Government of Canada website for general information about COVID-19 in Canada.
- Visit Canada’s Economic Response plan for more information about the Government’s economic response to COVID-19 plan.
- Visit Employment Insurance benefits and leave, for more information about employment insurance benefits, including information about the impacts of COVID-19.
You can also visit the Canadian Life and Health Insurance Association (CLHIA) website for industry-related information.