Japan’s Sumitomo Life Insurance has acquired an additional stake in insurtech company Singapore Life Holdings (Singlife) with an investment of S$179.99m ($132.74m).

The investment will result in the issuance of 23.68 million new shares of Singlife, which represent 4.92% of the increased share capital of the company.  

With the latest investment, the share capital of Singlife and total issued shares rose to S$2.25bn from S$2.07bn and to 481.72 million from 458.04 million, respectively. 

The capital injection took the stake held by Sumitomo Life in Singlife to 27%, the company noted.

Singlife provides insurance solutions for Singapore’s defence and home affairs ministries, as well as the Public Officers Group Insurance Scheme.

Sumitomo Life is a long-term investor in Singlife and has underwritten the share allocation to current shareholders, establishing the financial foundation for the latter.

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In a press statement, Sumitomo Life said: “This transaction is expected to strengthen the earnings foundation of our international business portfolio and contribute to the sustainability of our group’s operations.

“Through this transaction, Sumitomo Life aims to enhance its partnership with Singlife, improve customer convenience and achieve greater management efficiency by leveraging Singlife’s expertise in its digital-enabled business model.”

In 2019, Sumitomo Life purchased a 25% stake in Singapore Life for $90m.

The proceeds from the sale of stakes were used by the Singaporean insurer to introduce new business lines and product verticals in the region.