News

Insurance

Staff Reporter

, Singapore

Published:

2 years ago

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Photo from Swapnil Bapat on Unsplash

Singlife joins Sumitomo Life as a fully-owned subsidiary

The transaction valued Singlife at $4.6b.

Singapore Life Holdings Pte Ltd (Singlife) has become a fully owned subsidiary of Sumitomo Life Insurance Company following approval of regulators on the latter’s proposed acquisition of the former.

The transaction valued Singlife at $4.6b.

“As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfil our ambition to offer customers an omnichannel tech-enabled, holistic proposition.” Singlife Group Chief Executive Officer Pearlyn Phau said.

“I believe we can leverage the combined strengths of Singlife and Sumitomo Life to deliver exceptional financial planning solutions across Asia,” Phau added.

Sumitomo Life’s acquisition of Singlife will not affect the company’s operations, name, branding, management team, and products.

Singlife is one of the top six insurers in Singapore based on total assets of $14.4b as of 31 December 2022.

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