Singapore – Singlife, a homegrown financial services firm, has announced its transformation as a fully-owned subsidiary of Sumitomo Life Insurance Company (Sumitomo Life).
This agreement reinforces Sumitomo Life’s commitment to Singapore and builds on its original investment in Singlife in 2019. Sumitomo Life plans to include Singapore in its plan to expand throughout Asia.
The management group, products, name, brand, and activities of Singlife will not be impacted by the ownership change. It will enable Singlife to pursue its long-term growth goals by giving it the funding required to support its regional expansion and transform into an all-encompassing financial services provider.
Speaking about the acquisition, Ray Ferguson, chairman of Singlife, said, “We are pleased to join the Sumitomo Life group. It has been a remarkable journey getting to where we are today. 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. I would like to express our gratitude to TPG, Aviva, IPGL, and other shareholders who have walked this incredible journey with us. Thank you for your unwavering support.”
Meanwhile, Pearlyn Phau, Singlife group chief executive officer, expressed, “We are very pleased to celebrate this milestone and excited for what this means for us as a business. As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfill our ambition to offer customers an omni-channel tech-enabled, holistic proposition.”
Phau added, “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. I believe we can leverage the combined strengths of Singlife and Sumitomo Life to deliver exceptional financial planning solutions across Asia.”
