Fitch Ratings expects Singlife acquisition to boost Sumitomo Life’s credit profile
The acquisition is still subject to regulatory approval in Japan and Singapore.
Sumitomo Life Insurance Company's acquisition of Singlife is expected to strengthen Sumitomo Life's credit profile, according to Fitch Ratings.
The acquisition, estimated to be up to $3 billion, is considered manageable concerning Sumitomo Life's net assets and cash at the end of March 2023.
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The deal is expected to be incrementally positive for Sumitomo Life's credit profile due to Singlife's solid franchise in the Southeast Asian life insurance market.
Fitch anticipates that Sumitomo Life will continue to make bolt-on acquisitions in Southeast Asia using Singlife as its operating platform.
The acquisition is still subject to regulatory approval in Japan and Singapore.
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