Sumitomo Life buys Singlife shares from TPG, plans full ownership

The deal values Singlife at S$4.6b.

Japanese insurer, Sumitomo Life Insurance, purchased about 35% of Singlife shares held by TPG Capital.

Sumitomo Life said it plans to fully hold 100% of the Singaporean insurer’s shares. The deal values Singlife at S$4.6b.

Singlife Group CEO, Pearlyn Phau, said there will be no changes in their operation, and all will continue business as usual.

“[Sumitomo Life is] fully behind our business strategies and plans. We agree that we will continue to focus first on our customers, to continually build better solutions to help them and their families achieve financial freedom.” Phau said.

ALSO READ: Singlife unveils Connect 2.0 accelerator for insurtech boost

Sumitomo Life's acquisition of Aviva plc's share in Singlife, announced last 13 September 2023, is set to be finalised in early 2024, pending regulatory approval from Japan and Singapore.

This deal, reinforcing Sumitomo Life's Southeast Asia strategy since its initial investment in Singlife in 2019, aims to boost its international business earnings.

Sumitomo Life will maintain Singlife's current operations, including its name, brand, and management, ensuring no impact on customers.

Follow the links for more news on

Singlife

Sumitomo Life Insurance Company

Also Read

Singlife introduces first market insurance for dementia care

SG’s life insurers see 32.2% leap in new business premiums in Q1’24

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit