Announcement by Singlife’s Substantial Shareholders

13 Sep 2023

Leading homegrown financial services company Singlife states that one of its substantial shareholders, Aviva plc, has announced it has agreed to dispose of its entire 25.94% stake in Singapore Life Holdings Pte Ltd (“Singlife”), together with two debt instruments, to another Singlife substantial shareholder, Sumitomo Life Insurance Company. The announcements can be found at https://www.aviva.com/newsroom/news-releases/2023/09/aviva-to-exit-singlife-joint-venture/ and https://www.sumitomolife.co.jp/english/newsrelease/pdf/nr20230913.pdf

The announcements state that the transaction is subject to customary closing conditions, including regulatory approvals where required.

As the transaction is between existing substantial shareholders of Singlife, there is no immediate change to Singlife’s strategy, management, Board or other governance arrangements as a result of this announcement.