- Japan’s Sumitomo Life agreed to fully acquire Singapore’s Singlife for $3.5 billion, including TPG’s 35% stake.
- The deal values one of Singapore’s largest insurers at $3.5 billion.
- Full ownership of Singlife will accelerate Sumitomo Life’s expansion in Southeast Asia.
Japan-based insurance provider Sumitomo Life is positioned to complete its purchase of Singapore’s Singlife after committing to buy all outstanding shares in a $3.5 billion deal.
A Massive Deal
This includes the 35% stake held by alternative asset manager TPG. The agreement will value insurtech firm Singlife at $3.5 billion, making it one of Southeast Asia’s largest insurance mergers and acquisitions.
Singlife shareholders include UK-based insurance company Aviva and private holding firm IPGL. With over $10 billion in assets as of 2022, Singlife is among Singapore’s top insurers.
Sumitomo Life first invested in Singlife in 2019. After Aviva announced plans to sell its 25.9% Singlife stake last September, Sumitomo Life boosted its holdings to 27% with a $132.8 million cash injection.
Expansion in SE Asia
Through full ownership of Singlife, Sumitomo Life aims to accelerate expansion in Southeast Asia with Singapore as a linchpin market.
The deal also aligns with Singlife’s regional growth ambitions by providing capital resources and strategic positioning.
