Working Life

After three years of intense private study, T.B. Macaulay was appointed the Company’s Actuary. In 1881 he was made an Honorary Associate of the Institute of Actuaries of Great Britain, without examination. When Canadian students were finally able to take the institution’s examinations he passed them all - in just three years. This accomplishment was achieved whilst executing his onerous duties in the relatively young company.

'Unconditional Policy’ advert, 1885

Under his leadership and direction, Sun Life began issuing unconditional policies in the 1880s, the first company in the world to remove policy restrictions on travel, occupation, residence and suicide. Whilst initially drawing much criticism from larger and more established companies, the issuing of such policies rapidly became a worldwide practice.

During the company’s formative years, Macaulay realised the limitations of the small Canadian market and set out on an international expansion plan for Sun Life. Starting in the West Indies in the 1880s and continuing through Asia, Central and South America in the 1890s, the company expanded its global reach to over 55 countries by the mid-1920s. Under Macaulay’s direction, new premium rates and products were developed and used in each of its international operations.

Investment policies under T.B. Macaulay also took on greater significance. The company looked to common stock investments to increase its surplus and it was T.B. Macaulay who was one of the first to realise the potential of the new electricity and public utility developments and the related investment opportunities they created. Sun Life achieved great prosperity under Macaulay’s investment policies and through his drive, leadership and commitment the company became the largest assurance company in Canada and one of the world’s leading life assurance institutions.

T.B. Macaulay’s life and career were characterised by great activity and relentless devotion, and although in business he will forever be primarily associated with Sun Life, he undertook numerous other roles and responsibilities in business and finance.

The first Sun Life Head Office in Montreal

He earned an extraordinary international reputation. He was a Fellow of the Institute of the Actuaries of Great Britain, a charter member of the Actuarial Society of America, he represented the actuaries of Canada and the US at the International Congresses at Paris and Berlin in 1900 and 1906 respectively.

He was a Fellow of the Royal Statistical Society, President of the Canadian Life Assurance Officers’ Association and represented the Leeward Islands at the Canadian West Indian Trade Conference in Ottawa. He was also the President of the Canadian West Indian League and was awarded honorary presidency of the Naval League of Canada. He became Chairman of the National Committee on Food Resources in 1917 and became the governor of both the Montreal General Hospital and the Fraser Institute Public Library.

Philanthropy