Singapore’s homegrown financial firm Singlife has received a significant boost with an investment of nearly S$180 million from Japanese insurer Sumitomo Life. The transaction is subject to regulatory approvals.
Singlife’s total share capital now stands at S$2.258 billion and its total issued shares to 481.7 million. This move increases Sumitomo Life’s stake in Singlife to 27%.
In September this year, Sumitomo Life had inked a S$900 million deal with Aviva Group to acquire its 25.9% stake in Singlife.
Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme in Singapore.
The company provides a wide range of insurance and savings products, and it also offers investment options and advice through its GROW platform and mobile application.
Singlife plans to use this funding to grow its business further.
