US private equity company TPG is weighing options to sell its stake in Singapore Life (Singlife), reported Bloomberg.

The deal could value Singlife at S$4bn ($3bn), people familiar with the development told the news organisation.

TPG is holding discussions with a financial adviser on the potential divestiture.

The company is currently in the early stages of talks about a divestment, therefore there is no guarantee that the deal will be carried out, the sources added.

Singlife was established in 2020 after Aviva offloaded its majority stake in its Singaporean business to various buyers such as TPG and Sumitomo for nearly S$2.7bn. 

TPG currently holds a 35% stake in Singlife while Japan’s Sumitomo Life Insurance holds a 27% stake.

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Recently, Sumitomo acquired an additional stake in Singlife by investing S$179.99m, which raised its stakes from 23.2% to 27%.

As part of this deal, Singlife issued 23.68 million shares to Sumitomo, representing 4.92% of the increased share capital of the company.  

In September, Aviva decided to quit the Singlife joint venture by selling its remaining 25.9% stake and two debt instruments to Sumitomo Life Insurance for £800m in cash.

Sumitomo is awaiting regulatory approval to execute the stake acquisition.

Singlife provides insurance for Singapore’s Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme.

By the end of 2022, the company had S$14.4 bn in total assets while its gross premiums stood at S$3.5bn.