JAPAN’S major life insurer Sumitomo Life Insurance has invested S$180 million in Singapore Life (Singlife), increasing its stake in the company to 27 per cent from 23.2 per cent.

Singlife has issued 23.7 million new shares, representing about 4.9 per cent of its increased share capital, which stands at S$2.26 billion post transaction.

The capital injection will be used to support its business growth, the home-grown insurer said on Wednesday (Nov 8).

Highlighting that Singapore is a key market in its South-east Asia expansion plan, Sumitomo Life said: “Through this transaction, Sumitomo Life aims to enhance its partnership with Singlife, improve customer convenience, and achieve greater management efficiency by leveraging Singlife’s expertise in its digital-enabled business model.”

It has been Singlife’s strategic investor since 2019. More recently in September 2023, the Japanese insurer entered into an agreement with Aviva Group to acquire its 25.9 per cent stake in Singlife for S$900 million.