Japan’s Sumitomo Life Insurance Company has finalised the acquisition of a 100% stake in Singapore Life Holdings (Singlife), marking a significant step in its expansion strategy within Asia.
The deal, which values Singlife at S$4.6bn, was closed after receipt of approval from regulators in Singapore and Japan.
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In December 2023, Sumitomo Life agreed to acquire a 35.48% stake in Singlife from TPG for $1.2bn.
The TGP deal followed an earlier agreement in September with UK’s Aviva to purchase its 25.9% holding in the Singaporean insurance joint venture.
After announcing the agreement with TGP, Sumitomo Life stated that it will buy all the remaining shares from other Singlife owners on the same conditions as the agreement with TGP.
Prior to these deals, Sumitomo Life already held a 23.2% stake in the Singapore-based insurer.
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By GlobalDataWith the acquisition, Sumitomo Life aims to boost its earnings from overseas operations and maximise group synergies by integrating Singlife’s expertise.
The Japanese insurer has expressed its intention to make Singapore a central hub for its growth in Asia.
The deal, which builds on Sumitomo Life’s initial investment in Singlife in 2019, is expected to have no impact on Singlife’s current operations.
Singlife’s name, brand, management team and product offerings will remain unchanged.
This move is also expected to support Singlife’s ambitions for long-term growth and regional expansion as an integrated financial services company.
As of 31 December 2022, Singlife was ranked among the top six insurers in Singapore, with total assets amounting to S$14.4bn.
Singlife chairman Ray Ferguson said: “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.
“The deal shows Sumitomo Life’s strong confidence in what we have done and in our long-term plans. I would like to express our gratitude to TPG, Aviva, IPGL and other shareholders who have walked this incredible journey with us.”
