Sumitomo Life invests in Singlife

Japanese insurer Sumitomo Life Insurance Company has invested $133 million in Singapore-based life insurer Singlife.

With this capital injection, Sumitomo Life’s stake in Singlife has increased from 23.22% to 27%.

Singapore has been identified as a key market in Sumitomo Life’s Southeast Asia strategy, and since its initial investment in 2019, Sumitomo Life has actively supported Singlife’s expansion as a strategic investor.

Singlife said it will use the capital to support business growth.