Aberdeen Standard Investments paid $13 million for a minority stake in Singapore Life, extending its partnership with the digitally focused insurer.
Aberdeen Standard Investments (ASI) made a $13 million minority equity investment in Singapore Life, which extends the firm's strategic relationship with the life insurer beyond the management of its fiduciary asset.
«As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator. Singapore Life exemplifies an innovator in providing customers with better financial solutions through advanced technology,» said Martin Gilbert, Co-Chief Executive, Aberdeen Standard Investments in a press statement.
Long-Term Growth In The Region
ASI said the investment lets it participate in the long-term growth of the insurance company as it expands its business across the South East Asian region. Singapore Life – the first fully digital insurer in Singapore – aims is to use its scalable platform and first mover advantage to become the leading digital life insurer in South East Asia.
«We are excited to have Aberdeen Standard Investments as a strategic investor. ASI is a leader in insurance asset management who brings not only strong investment expertise and brand credibility, but also deep insight into the challenges facing insurers and their clients globally,» said Walter de Oude, chief executive of Singapore Life.
