Singapore-based financial services company Singlife on Monday announced its complete acquisition by Japan’s Sumitomo Life Insurance Company following regulatory approvals.
In December last year, Sumitomo Life agreed to acquire all shares in Singlife held by private equity giant TPG at a valuation of S$4.6 billion. The Japanese insurer also said at that time that it would make an offer to buy the shares of all other remaining shareholders, giving it 100% ownership of Singlife if the offers were accepted.
Following the completion of the transaction on Monday, Singlife chairman Ray Ferguson said: “We have grown from strength to strength since Sumitomo Life’s first investment in Singlife in 2019, through Singlife’s merger with Aviva Singapore till today. The deal shows Sumitomo Life’s strong confidence in what we have done and in our long-term plans.”
The company release stated that the ownership change will not affect Singlife’s operations, which include its name, brand, management team, and products. The investment will allow Singlife to expand its regional operations and grow as an integrated financial services provider, it added.
“As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfil our ambition to offer customers an omni-channel tech-enabled, holistic proposition. We will continue to build products and services to meet their protection needs and offer retirement and wealth solutions that further their wellbeing and address their protection gaps,” added Pearlyn Phau, Group Chief Executive Officer, Singlife.
Separately, media reports indicated that Singlife will also see a change in leadership with Allen Kuo, current deputy CIO, poised to succeed Kim Rosenkilde as Chief Investment Officer.
Rosenkilde, who joined Singlife in April 2021, is said to be stepping down in April to pursue other career opportunities.
Singlife’s total assets as of December 31, 2022, stood at S$14.4 billion, making it one of the top six insurers based in Singapore.
Established in 1907, closely held Sumitomo Life had about 35.2 trillion yen in total assets as of the end of March, according to its website. It counted more than 44,400 employees.