Sumitomo Life buys 25% stake in Singapore Life

July 2 2019 by Andrew Tjaardstra

Japan’s Sumitomo Life has bought 25% of shares in Singapore Life for US$90 million.

The investment is is geared toward supporting the Singapore Life’s expansion plans in Singapore and beyond. The investment follows investment from US insurer Aflac and Aberdeen Standard Investments earlier this year.

Singapore Life said it wants to “further accelerate its mobile-first ambitions. Singapore Life 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.”

Walter de Oude, founder and chief executive of Singapore Life, commented: “Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to 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.”

Masahiro Hashimoto, president and chief executive of Sumitomo Life, commented: “We foresee rapid growth in the life insurance markets in South East 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.”