Singapore Life Holdings (Singlife) has become a fully owned unit of Sumitomo Life Insurance Company after the deal was given the go-ahead from regulators in Singapore and Japan.
The transaction, first announced last December, which values Singlife at $4.6 billion, comes after Sumitomo Life's December 2023 proposal to acquire TPG's 35% stake in Singlife for $1.6 billion, along with the remaining shareholders.
Sumitomo Life has invested in Singlife since 2019, and the action follows its earlier acquisition of Aviva plc's stake in the company.
According to Singlife, the ownership change will not affect its operations, name, brand, management team and products.
New owner Sumitomo will give Singlife’s long-term growth ambitions a boost.
“We are pleased to join the Sumitomo Life group. It has been a remarkable journey getting to where we are today. We have grown from strength to strength since Sumitomo Life’s first investment in Singlife in 2019, through Singlife’s merger with Aviva Singapore till today,” says Ray Ferguson, Singlife chairman.
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“As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfil our ambition to offer customers an omni-channel tech-enabled, holistic proposition,” says Pearlyn Phau, Singlife group CEO.
We will continue to build products and services to meet their protection needs and offer retirement and wealth solutions that further their wellbeing and address their protection gaps,” she adds.
