Singlife becomes fully owned subsidiary of Sumitomo Life

Singlife joins the Sumitomo Life family
 

Leading homegrown financial services company, Singapore Life Holdings Pte Ltd (“Singlife”), is pleased to announce that it has become a fully owned subsidiary of Sumitomo Life Insurance Company (“Sumitomo Life”).

Regulators in Singapore and Japan have approved the transaction, announced on 22 December 2023, which values Singlife at S$4.6 billion.
 

The deal builds upon Sumitomo Life's initial investment in Singlife in 2019 and bolsters its commitment to Singapore. Sumitomo Life intends for Singapore to be a key part of its expansion strategy in Asia.
 

Singlife Chairman, Ray Ferguson said: “We are pleased to join the Sumitomo Life group. It has been a remarkable journey getting to where we are today. We have grown from strength to strength since Sumitomo Life’s first investment in Singlife in 2019, through Singlife’s merger with Aviva Singapore till today. The deal shows Sumitomo Life’s strong confidence in what we have done and in our long-term plans. I would like to express our gratitude to TPG, Aviva, IPGL, and other shareholders who have walked this incredible journey with us. Thank you for your unwavering support.”
 

The ownership change will not affect Singlife's operations, including its name, brand, management team and products. It will enable Singlife to pursue its long-term growth ambitions, with the capital to drive its regional expansion and to grow as an integrated financial services company.
 

Singlife Group Chief Executive Officer, Pearlyn Phau said: “We are very pleased to celebrate this milestone and excited for what this means for us as a business. As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfill our ambition to offer customers an omni-channel tech-enabled, holistic proposition. We will continue to build products and services to meet their protection needs and offer retirement and wealth solutions that further their wellbeing and address their protection gaps. I believe we can leverage the combined strengths of Singlife and Sumitomo Life to deliver exceptional financial planning solutions across Asia.” 

Singlife is one of the top six insurers in Singapore based on total assets of S$14.4b as of 31 December 2022. Among the top ten insurers in Singapore, Singlife recorded the highest year-on-year asset growth [1].

[1] Singapore’s top 50 insurers see 3.7% YoY asset decline in 2022