Sumitomo Life's Singlife purchase tops SEA acquisitions in H1 2024

The acquisition valued the Singaporean insurer at S$4.6b.

Sumitomo Life Insurance Company's purchase of Singapore's Singlife was the top acquisition in Southeast Asia (SEA) in the first half of the year (H1 2024), Tracxn reported.

The Japan-based insurance company completed its acquisition of Singlife in March, which valued the Singaporean insurer at S$4.6b.

In H1 2024, the SEA region saw 16 acquisitions, including seven from Singapore.

The other six Singapore-based companies acquired in H1 2024 were IN-D, AlteriQ Global, Contour, Jubi, Blacksmith, and Caltex Singapore.

Meanwhile, Singapore companies were also top performers in funding, with ANEXT Bank in the lead with a US$148m Series D round.

DCS Card Centre and NIUM were also part of the five funding rounds in SEA for H1 2024, raising US$75.2M and $50.0m, respectively.