Singapore Life received a US$20 million (SG$27.26 million) from New York Stock Exchange listed company Aflac. Aflac’s operating subsidiary—American Family Life Assurance Company of Columbus, will also enter into a reinsurance agreement on certain protection products with Singapore Life.
The deal is the second equity announcement in a series of capital raising activities to fund Singapore Life’s growth into Southeast Asia. This series of transactions, once complete, will raise Singapore Life’s total capital raised to USD 70 million.
Walter de Oude, founder and chief executive of Singapore Life said:
“It is part of our strategy to include a number of strategic investors such as Aflac as minority shareholder to provide additional diversity in our capital base, significant capital depth as well as the strategic skillsets that come with these.”
Meanwhile, Aflac will be picking the brains Singapore Life’s management to better understand Southeast Asian markets for potential growth opportunities.
Featured image via Singapore Life
