Aberdeen Standard Investments has invested S$17.6 million (US$13 million) to take a minority equity stake in Singapore Life.

The deal extends the asset management firm’s relationship with the insurer as Aberdeen already manages Singapore Life’s fiduciary assets.

The announcement follows Aflac’s investment of US$20 million, and Michael Spencer’s decision to up his stake to 63.2% by purchasing 33.8% of the company for a further US$52.7 million.

Singapore Life aims to spend the money by expanding in South-East Asia and scale technology and products such as wealth management and transaction services. InsuranceAsia News understands the insurer is looking at three markets in particular through both acquisitions and startups.

Walter de Oude, chief executive of Singapore Life, said: “Aberdeen Standard Investments is a leader in insurance asset management who brings not only strong investment expertise and brand credibility, but also deep insight into the challenges facing insurers and their clients globally.”

“We look forward to working together as we grow our footprint in Singapore and beyond, and deliver on digital-first journeys to customers via cutting-edge technology.”

Aberdeen Standard Investments co-chief executive Martin Gilbert says: “As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator.

“Singapore Life exemplifies an innovator in providing customers with better financial solutions through advanced technology — this is a truly exciting opportunity for us to expand our strategic relationship with such a fast-growing digital life insurance provider and be part of its growth journey.”

The business today provides around S$6.6 billion worth of coverage for life insurance, critical illness and disability benefits.