Sumitomo Life to acquire Singlife

Japanese insurer Sumitomo Life Insurance is offering to fully acquire Singaporean life insurance company Singlife.

Under the deal, Sumitomo Life will acquire TPG’s 35.48% stake in Singlife for SGD 1.6 billion (~$1.2 billion). The Japanese insurer will also offer to acquire the shares of minority investors. In September, Sumitomo Life announced plans to acquire Aviva’s stake in Singlife.

Sumitomo Life has seen Singapore as a key market within its overall Asia strategy. After the Transaction, the company plans to establish a local office in Singapore in April 2024 to strengthen the relationship with Singlife and conduct market research in the region.