Source: Crowdfund Insider
Furthering its investment, Sumitomo Life plans to extend offers to purchase shares from the remaining shareholders of Singlife.
If these offers are fully accepted, Sumitomo Life will achieve 100% ownership of Singlife, valuing the company at S$4.6 billion. This valuation ranks the transaction as one of the largest insurance deals in Southeast Asia.
The deal follows Sumitomo Life’s previous acquisition of Aviva plc’s stake in Singlife, announced on September 13, 2023. The transactions are expected to complete in the first quarter of 2024, subject to regulatory approvals in Japan and Singapore.
Sumitomo Life’s move to consolidate ownership in Singlife is part of its strategy to strengthen its position in Southeast Asia. The company sees this acquisition as a means to enhance the earnings of its international business portfolio.
Sumitomo Life has indicated that there will be no changes to Singlife’s operational aspects, including its name, brand, management team, or customer relations.
Singlife Chairman Ray Ferguson highlighted the company’s growth from an insurtech startup to a significant player in Singapore’s insurance and financial services industry. He expressed satisfaction with the agreement, noting its potential to solidify Singlife’s ambitions in Southeast Asia.
Sumitomo Life President & CEO Yukinori Takada regarded the acquisition as a strategic, long-term investment to promote growth in Southeast Asia. Singlife Group CEO Pearlyn Phau assured stakeholders of the company’s commitment to its vision and values, emphasizing the constructive relationship with Sumitomo Life and the mutual support for Singlife’s business strategies and plans.