Singlife gets $133m from Sumitomo Life after Aviva’s exit

Singlife founder Walter de Oude / Photo credit: Singlife

Singlife, a Singapore-based financial services company, has received US$132.8 million from Japan’s Sumitomo Life Insurance Company. The investment increases Sumitomo Life’s stake in Singlife to 27%.

The news comes two months after insurance giant Aviva – whose Singapore arm merged with Singlife in late 2020 – sold 25.9% of its stake in Singlife, along with two debt instruments, to Sumitomo Life for a total value of US$1.03 billion.

Aviva and Sumitomo Life expect to complete the transaction by the fourth quarter of 2023.

Funding details

• Funding amount: US$132,780,000
• Lead investor: Sumitomo Life
• Stage: Unspecified Stage
• Source

The funds from this round will be used to expand Singlife’s products and geographic footprint. Additionally, Singlife plans to strengthen its tech infrastructure and data analytics capabilities to improve customer experiences.

Founded in 2014, Singlife provides insurance for Singapore’s Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme. It also administers CareShield Life, the government’s national long-term care insurance program.

Singlife’s merger with Aviva Singapore, valued at S$3.2 billion (US$2.36 billion), marked the largest insurance deal in the city-state at the time.

See also: SEA fintech sector hits funding slump in H1 23, but insurtech holds up

More details