Asset management company Ion Pacific completed a US$7.3 million investment in tech-driven life insurance company Singapore Life.
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It made the investment alongside Singapore Life’s original shareholders as part of a series of transactions, according to a statement. Western insurance companies Aflac and Standard Life Aberdeen also participated.
The investment gives Ion Pacific exposure to the life insurance market in Southeast Asia, a “key focus region” for the company, said principal Kristaps Ronis.
Singapore Life, which was founded in 2014 and started operations in 2017, uses its own digital platform for insurance approval. It has previously acquired Zurich Life’s life assurance business in Singapore, taking over all of the policies of Zurich’s customers in the city-state.
To date, Singapore Life claims to be valued at over US$200 million.
Editing by Charmaine de Lazo
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