Sumitomo partners with Singlife with $133M deal

Sumitomo Life Insurance Company from Japan has recently upped its investment in Singlife, a Singapore-based financial services provider, by a significant $133M. This substantial contribution amplifies Sumitomo Life's stake in Singlife to an impressive 27%.

• History: This development follows an event from two months prior, where insurance services Aviva, which had merged its Singapore branch with Singlife in 2020, sold 25.9% of its Singlife stake and two debt instruments to Sumitomo Life. This deal was worth a total of $1.03B.

• Done Deal: The transaction between Aviva and Sumitomo Life is anticipated to be finalized by the fourth quarter of 2023.

• Funding Use: The additional funding will be channeled towards the expansion of Singlife's product range and its geographic reach. Singlife also aims to enhance its tech infrastructure and data analytics capabilities, thereby improving the overall customer experience.

Singlife, established in 2014, supplies insurance for Singapore’s Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme. It also manages CareShield Life, the government's national long-term care insurance program.