Singlife receives $179.9m capital injection from Sumitomo Life

With 23.68 million new shares, Sumitomo Life now owning a 27.001% share.

Sumitomo Life Insurance Company has injected over S$179.99m to Singlife.

The issue comprises 23,684,210 new shares, or a 4.92% increased share capital of Singlife. Following the capital injection, Sumitomo Life now owns 27.001% of Singlife.

In a press release, Singlife said that it will use the capital to support its business growth.

ALSO READ: Singlife offers one year free life insurance coverage to caregivers

 Singlife serves as the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme in Singapore. It also provides CareShield and employee benefits in the Lion City.