Singapore insurer Singlife has become a fully owned subsidiary of Japan’s Sumitomo Life following regulatory approvals.
Singlife has become a fully owned subsidiary of Sumitomo Life following approvals by regulators in Singapore and Japan, according to a statement. The transaction values the Singaporean insurer at S$4.6 billion ($3.4 billion).
The ownership change will not affect Singlife's operations, including its name, brand, management team and products.
Since 2019
Sumitomo Life first entered the transaction in December 2023 after offering to buy stakes from several shareholders, including around 35 percent from Texas-based private equity firm TPG. The Japanese insurer made its first initial investment in Singlife in 2019 and it intends for Singapore to be a «key part of its expansion strategy in Asia», according to the statement.
«We are pleased to join the Sumitomo Life group. It has been a remarkable journey getting to where we are today,» commented Singlife chairman Ray Ferguson. «I would like to express our gratitude to TPG, Aviva, IPGL, and other shareholders who have walked this incredible journey with us.»
