Aviva-Singlife merger a sign of PE interest in Asia insurance assets

Kelly Ng

Published Sun, Sep 27, 2020 · 09:50 PM

Singapore

INSURANCE bigwig Aviva's headline S$2.7 billion sale of its Singapore operations to homegrown digital insurer Singlife mirrors a global trend of private equity (PE) firms digging into the strong growth of insurance businesses.

With Singlife, that private equity angle comes in the form of global alternative asset firm TPG, which stepped in as Singlife's new investor.

One of the largest deals in Southeast Asia's insurance sector, the partnership between SingLife and Aviva will make TPG the largest shareholder in the new group, holding 35 per cent of group equity. The deal is expected to complete in January 2021 after parties secure regulatory approval.

It comes as PE sponsors in the US and Europe are broadening and deepening their f…