Singlife and its consortium will acquire a 75% stake in the latter.
Singapore-based digital insurer Singlife and Aviva Singapore are merging, with the former and its consortium acquiring a 75% stake in the latter, an announcement read.
The new combined business will initially be named Aviva Singlife. Aviva will retain a 25% equity shareholding, whilst Singlife’s existing shareholder, Sumitomo Life Insurance will hold 20% and Aflac Ventures, Aberdeen Asset Management, IPGL Limited and minorities will collectively hold 20%. Alternative asset firm TPG will hold 35%.
Subject to regulatory approval, current Singlife chairman Ray Ferguson will continue as the chairman of the new group. Group CEO Walter de Oude will be appointed as deputy chairman, whilst current Aviva Singapore CEO Nishit Majmudar will be appointed CEO of the combined entity’s insurance business.
The post-merger business will initially trade using both the Singlife and Aviva brands. It is subject and is expected to be completed by January 2021, after which the Singlife and Aviva Singapore legal entities will merge subject to approval by the Singapore courts targeting H12021.
Photo courtesy of Singlife.
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