Japan’s Sumitomo Life Insurance has completed the acquisition of Singapore Life Holdings, three months after financial regulators in both nations approved the deal. The transaction valued Singapore Life at S$4.6 billion (US$3.64 billion).
According to Singapore Life, one of the top six insurers in Singapore with around S$14.4 billion of assets as of December 2022, the ownership change will not affect its operations, name, management team or products.
“It will enable Singapore Life to pursue its long-term growth ambitions, with the capital to drive its regional expansion and to grow as an integrated financial services company,” the insurer says in a statement on March 18.
For Sumitomo Life, which had around 45.8 trillion yen ($308.2 billion) of assets as of end-2023, the acquisition is expected to boost earnings contributions from its overseas business.
“Sumitomo Life will strive to realise and maximise its group synergies by leveraging Singapore Life’s expertise,” the Japanese insurance firm says in a separate statement.
