Sumitomo Life buys Singlife shares from TPG, plans full ownership

The deal values Singlife at S$4.6b.

Japanese insurer, Sumitomo Life Insurance, purchased about 35% of Singlife shares held by TPG Capital.

Sumitomo Life said it plans to fully hold 100% of the Singaporean insurer’s shares. The deal values Singlife at S$4.6b.

Singlife Group CEO, Pearlyn Phau, said there will be no changes in their operation, and all will continue business as usual.

“[Sumitomo Life is] fully behind our business strategies and plans. We agree that we will continue to focus first on our customers, to continually build better solutions to help them and their families achieve financial freedom.” Phau said.

ALSO READ: Singlife unveils Connect 2.0 accelerator for insurtech boost

Sumitomo Life's acquisition of Aviva plc's share in Singlife, announced last 13 September 2023, is set to be finalised in early 2024, pending regulatory approval from Japan and Singapore.

This deal, reinforcing Sumitomo Life's Southeast Asia strategy since its initial investment in Singlife in 2019, aims to boost its international business earnings.

Sumitomo Life will maintain Singlife's current operations, including its name, brand, and management, ensuring no impact on customers.

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