By Gabriel Budi Sutrisno | TechinAsia | December 22, 2023<\/p>\n
Japan-based insurance firm Sumitomo Life is set to complete its acquisition of Singapore\u2019s Singlife following a new commitment to purchase all shares previously held by other entities.<\/p>\n
This includes buying the 35% stake held by alternative asset manager TPG, which is scheduled for completion in the first quarter of 2024, according to a statement from Singlife.<\/p>\n
The deal will value Singlife at S$4.6 billion (US$3.5 billion), making it one of the largest M&A deals in Southeast Asia\u2019s insurance sector to date.<\/p>\n
According to Singlife\u2019s website, other shareholders in the company are insurance firm Aviva and private holding company IPGL, which are both based in the UK.<\/p>\n
As of 2022, Singlife has S$14.4 billion (US$10.9 billion) in total assets, placing it among the top insurers in the city-state.<\/p>\n
In September, Aviva announced that it was selling its 25.9% stake in Singlife and two debt instruments to Sumitomo Life for a total of US$997 million.<\/p>\n
SEA ambitions<\/strong><\/p>\n Sumitomo Life first invested in Singlife in 2019. After Aviva announced its plans to exit Singlife, the Japanese insurer injected US$132.8 million into the Singapore-based firm, increasing its stake to 27%.<\/p>\n The city-state, according to Sumitomo Life, is a crucial market for its Southeast Asia expansion, and the company believes the latest deal will boost its profits from its international business.<\/p>\n Similarly, the agreement will also \u201csolidify Singlife\u2019s ambitions in Southeast Asia,\u201d Ray Ferguson, the firm\u2019s chairman, said in the statement.<\/p>\n \u201cAs a subsidiary of Sumitomo Life, we will have access to capital, a nimble shareholding structure, and be at the center of a strategic plan to provide financial planning solutions for consumers in Southeast Asia,\u201d he added.<\/p>\n After the acquisition, Singlife will retain its name, brand, management team, and product offerings.<\/p>\n","protected":false},"excerpt":{"rendered":" By Gabriel Budi Sutrisno | TechinAsia | December 22, 2023 Japan-based insurance firm Sumitomo Life is set to complete its acquisition of Singapore\u2019s Singlife following a new commitment to purchase all shares previously held by other entities.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,3,7],"tags":[],"class_list":["post-1387","post","type-post","status-publish","format-standard","hentry","category-japan","category-news","category-singapore"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=1387"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1387\/revisions"}],"predecessor-version":[{"id":1388,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1387\/revisions\/1388"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=1387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=1387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=1387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}