Singlife, Aviva Singapore complete $2.3b merger deal

Singlife, a Singapore-based digital life insurance company, announced that it has completed the transaction to combine with Aviva Singapore, the British insurance company’s local arm.

A new entity named Aviva Singlife Holdings will hold the Singlife and Aviva Singapore legal entities. The two firms will continue to operate independently until the scheme of transfer of the Singlife business to Aviva Singapore is approved by the Singapore courts and is completed.

The transaction, which was announced in September, is claimed to be one of the region’s largest insurance deals and the largest in Singapore. It values Aviva Singlife at S$3.2 billion (US$2.3 billion).

Current Singlife chairman Ray Ferguson has been appointed as the chairman of Aviva Singlife Holdings, while Singlife Group CEO Walter de Oude is named as deputy chairman of Aviva Singlife Holdings. Aviva Singapore CEO Nishit Majmudar will be named CEO of the new entity.

De Oude will be speaking exclusively with Tech in Asia on December 17 about the merger and the due diligence process and the lessons he learned from it.

Founded in 2014, Singlife was known as Singapore Life. Last year, the company achieved US$171 million in total income, up from US$54 million in the year prior.

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Last year, the firm secured US$13 million in funding from Aberdeen Standard Investments in January, US$7.3 million from Ion Pacific in May, and US$90 million in investment from Japan’s Sumitomo Life Insurance Company in July.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.