Less than three months after the agreement, Singlife and Aviva complete their merger to create a single entity led by the former’s chairman Ray Ferguson.
Singlife group chief executive Walter de Oude was named deputy chairman of Aviva Singlife Holdings, according to a statement, while Aviva Singapore CEO Nishit Majmudar has been appointed as the new CEO of the single unit.
«This milestone marks the establishment of a well-capitalized financial holding company, ready to bring change to the insurance industry in Singapore,» Ferguson said.
«We look forward to harnessing the best that Singlife brings in technology and Aviva Singapore in quality advice for the benefit of Singaporeans and the region.»
Southeast Asian Challenger
With the deal valued at S$3.2 billion ($2.4 billion), the newly merged business will become one of the largest insurers in southeast Asia with a focus on mobile savings and protection solutions.
Within the deal, financial advice was provided by Standard Chartered Bank, Moelis & Company and J.P. Morgan while legal advice was provided by Norton Rose Fulbright, Latham & Watkins, Slaughter & May, TSMP, and Law Asia.
«This deal was made possible with deep collaboration and commitment between all our partners to see a new breed of financial services emerge in a unique and challenging time,» de Oude added. «We hope to be an example for other entities that are determined to bring positive change to their industries, undeterred by the circumstances.»
Listing Ambitions
The deal will fulfill yet another major milestone previously highlighted by ex-HSBC Insurance Singapore CEO and Singlife founder de Oude, who reportedly said he had aimed to expand the firm beyond insurance.
He also highlighted ambitions for an initial public offering in Singapore, although he did not provide a timeline.
Singlife was founded in 2014 as a digital insurer focused on high net worth individuals and acquired Zurich’s Singapore life business in 2018.
