Singlife Now Officially a Fully-Owned Subsidiary of Sumitomo Life
by Fintech News Singapore March 18, 2024Homegrown financial services company Singapore Life Holdings (Singlife) is now officially a fully-owned subsidiary of the Japanese insurance giant, Sumitomo Life. The acquisition deal was greenlit by regulators in both Singapore and Japan on 22 December 2023.
The deal values Singlife at S$4.6 billion, marking it as one of the largest insurance deals in Southeast Asia to date.
Despite the change in ownership, Singlife assures that its operations, including its brand identity, leadership, and product offerings, will remain unchanged.
This strategic shift is expected to bolster Singlife’s growth trajectory, providing it with the necessary capital for regional expansion and further development as a comprehensive financial services provider.
As of 31 December 2022, Singlife was ranked among the top six insurers in Singapore, with total assets amounting to S$14.4 billion.
The deal was finalised following Sumitomo Life’s agreement to acquire all Singlife shares previously owned by the American private equity firm TPG Capital, which had been a significant investor since 2020, holding approximately 35% of the company.
This follows another major transaction where Sumitomo Life acquired a 25.9% stake in Singlife from Aviva plc for S$900 million, initially announced in September 2023.
Sumitomo Life has expressed its intention to make Singapore a central hub in its Asian expansion strategy.
Ray Ferguson
Ray Ferguson, Singlife’s Chairman said,
“We are pleased to join the Sumitomo Life group. It has been a remarkable journey getting to where we are today. We have grown from strength to strength since Sumitomo Life’s first investment in Singlife in 2019, through Singlife’s merger with Aviva Singapore till today.
The deal shows Sumitomo Life’s strong confidence in what we have done and in our long-term plans. I would like to express our gratitude to TPG, Aviva, IPGL, and other shareholders who have walked this incredible journey with us. Thank you for your unwavering support.”
Pearlyn Phau
Pearlyn Phau, Group Chief Executive Officer of Singlife said,
“We are very pleased to celebrate this milestone and excited for what this means for us as a business. As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfill our ambition to offer customers an omni-channel tech-enabled, holistic proposition.
We will continue to build products and services to meet their protection needs and offer retirement and wealth solutions that further their wellbeing and address their protection gaps. I believe we can leverage the combined strengths of Singlife and Sumitomo Life to deliver exceptional financial planning solutions across Asia.”
