Japan's Sumitomo Life Insurance is investing $90m for a 25% stake in local insurer Singapore Life (SingLife).
The investment by Sumitomo Life enables SingLife to accelerate its mobile-first ambitions. SingLife will aim to break down silos of legacy financial services, reduce fragmentation, and create a connected consumer financial journey and interface, from life insurance to money and wealth management. SingLife aims to address the inconvenience consumers face having to use multiple providers and platforms to access their financial services, and the inertia felt by many in making financial decisions.
Mr Walter de Oude, founder and CEO of SingLife said, “Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible with their mobile-first lifestyles. Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs. Now with the backing of Sumitomo Life, in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone.”
Mr Masahiro Hashimoto, president and CEO of Sumitomo Life, said: “We foresee rapid growth in the life insurance markets in Southeast Asia, and Singapore in particular. We are excited to support Singapore Life's growth by participating in the company as a long-term strategic investor.”
SingLife offers its customers a suite of term insurance, universal life, critical illness and endowment plans with competitive product rates. In line with its plans to introduce more connected financial services to the market, the company will launch digitally-enabled products and services that integrate savings, investment and protection for everyone.
Sumitomo Life's investment follows those by other core investors including Aflac, Aberdeen Asset Management and IPGL (Holdings). This latest investment brings SingLife’s total funding to date to $153m.
SingLife is the first independent company since 1970 to be fully licensed by the Monetary Authority of Singapore (MAS) as a life insurance company.