Sumitomo Life invests USD133m in Singapore Life

Japan’s major life insurer Sumitomo Life Insurance has invested SGD180m (USD133m) in Singapore Life (Singlife), increasing its stake in the company to 27% from 23.2%. Singlife has issued 23.7 million new shares, representing about 4.9% of its increased share capital, which stands at SGD2.26bn post transaction. The capital injection will be used to support its business growth, the Singapore-based insurer said. Sumitomo has been Singlife’s strategic investor since 2019. More recently in September 2023, the Japanese insurer entered into an agreement with Aviva Group to acquire its 25.9% stake in Singlife for SGD900m. Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme in Singapore.