Sumitomo Life Invests in Singapore Life
Sumitomo Life Insurance Company has acquired a 25% stake in Singapore Life for $90m. This new investments brings Singapore Life’s total funding to ~$173m.
Since the start of retail operations in late 2017, Singapore Life has “steadily increased” its market share in Singapore and plans to expand its footprint across Southeast Asia, according to a statement by the company. Singapore Life currently offers term insurance, universal life, critical illness and endowment plans, and in the coming months will roll out new business lines and product verticals.
“We foresee rapid growth in the life insurance markets in Southeast 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. We are currently conducting studies in the possible provision of new digital services – mainly at the “Sumitomo Life Digital Innovation Labs” launched in Tokyo and Silicon Valley in early 2018. By investing in Singapore Life, which has in-depth expertise and know-how in utilizing technology, we aim to strengthen our ability in gathering information on the latest trends in Singapore where insurtech is flourishing; as well as the application of technology to actual business operations in order to improve customer ease and achieve greater management efficiency.” – Masahiro Hashimoto, President and CEO of Sumitomo Life Insurance Company.
Bottom Line: A strategic investment.