MUFG and Singlife seal landmark $550m insurance financing deal

It ranks amongst Singapore’s largest insurance financings.

MUFG Bank and Singlife have completed a $550m bilateral financing facility, ranking amongst the largest transactions in Singapore’s insurance sector.

MUFG acted as capital structure adviser and financier for the facility, whilst Singlife will use the proceeds to redeem $550m of subordinated notes.

The transaction follows a review of Singlife’s capital structure after its acquisition by Sumitomo Life, according to a press release.

The capital review focused on improving balance sheet efficiency, maintaining credit ratings, and enhancing funding certainty. Singlife assessed refinancing alternatives to secure pricing stability and execution certainty.

Sumit Behl, Chief Financial Officer of Singlife, said the transaction strengthens the company’s capital and funding profile.

Danny Fischer, Managing Director and Head of Solutions for APAC at MUFG, said the financing aligns with Singlife’s capital objectives and refinancing timeline.

Ashurst LLP acted as legal counsel to MUFG, whilst Allen & Gledhill advised Singlife on the redemption of the notes.