Sumitomo Life completes Singlife acquisition following regulatory approval

SINGAPORE Life Holdings (Singlife) on Monday (Mar 18) said it has become a fully owned subsidiary of Japanese life insurer Sumitomo Life.

The move comes after regulators in Singapore and Japan green-lit the transaction, which values Singlife at S$4.6 billion.

Separately, Aviva said on the same day that it completed the sale of its 25.9 per cent stake in Singlife and two debt instruments to Sumitomo Life for £937 million (S$1.6 billion).

The British insurer announced the transaction in September 2023. Aviva group chief executive Amanda Blanc said at the time that the deal would simplify Aviva’s business, and put it in a “very strong position” to build on its trading momentum in the UK, Ireland and Canada.

Months later, Sumitomo Life raised its stake in Singlife to 27 per cent from 23.2 per cent, following a S$180 million investment. It has been Singlife’s investor since 2019.

Singlife group chief executive Pearlyn Phau said in a statement on Monday: “As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfil our ambition to offer customers an omnichannel, tech-enabled, holistic proposition.”

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Singlife said the ownership change would not affect its operations, including its name, brand, management team and products.