Sumitomo Life Insurance Company has signed an agreement to acquire a 35.48% stake in Singapore Life Holdings (Singlife) from TPG for S$1.6bn ($1.20bn).

This move is part of Sumitomo Life’s strategy to increase earnings contribution from its overseas business and strengthen its business sustainability.

The latest decision builds on Sumitomo Life’s previously announced plans to acquire an additional stake in Singlife from the UK-based company Aviva Group Holdings.

This acquisition, announced on 13 September this year, is expected to make Singlife a subsidiary of Sumitomo Life.

Under this deal, Sumitomo Life agreed to acquire a 25.9% stake in Singlife held by Aviva for S$900m.

Sumitomo Life also plans to acquire all the remaining shares from other Singlife shareholders under the same terms as the latest transaction.

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Both the TPG and Aviva transactions are currently subject to certain closing conditions as well as regulatory approval.

Sumitomo Life said it is looking to maximise its group synergies by utilising Singlife’s expertise in its existing businesses in Asia.

The company is also considering establishing a local office in Singapore in April 2024 to further strengthen its relationship with Singlife and conduct market research in the region.

In addition, Sumitomo Life will explore the possibility of setting up a regional headquarters in Singapore.

Established in 1907, Sumitomo Life is a mutual life insurance company in Japan and currently has more than 44,400 employees.

Meanwhile, Singlife was founded in 2014 and later collaborated with TPG and Sumitomo to buy a majority stake in the Singaporean business of Aviva in 2020.