US insurer takes stake in Singapore Life

January 2 2019 by InsuranceAsia News Staff

Georgia-headquartered global cancer and life insurer Aflac has made a US$20 million minority equity investment in Singapore Life, the digital-focused life insurer.

In addition, the company’s operating subsidiary, American Family Life Assurance Company of Columbus, plans to enter into a reinsurance agreement on certain protection products with Singapore Life.

“We are excited to have Aflac as both an investor in Singapore Life and a partner, given the strength of Aflac’s brand, the credibility that it brings, and their leadership in the areas of cancer insurance and other supplemental medical policies,” said Walter de Oude, chief executive of Singapore Life.

“We look forward to working with Aflac as we continue to grow Singapore Life’s range of financial services that our customers are seeking.”

The move comes after Michael Spencer, the founder of inter-dealer broker ICAP, now called Nex Group, bought a further 33.8% stake in Singapore Life for US$52.7 million through his London-headquartered investment firm IPGL. He bought the stake from Hong Kong-based Chong Sing Holdings in December.

Spencer’s investment firm IPGL already owned a 29.4% stake in Singapore Life, meaning this investment gives him control of the company with 63.2% of the shares, valuing the insurer at US$156 million.