Sumitomo Life agreed in December to buy TPG Inc’s 35.5% stake in the Singaporean firm for $1.6 billion. Singapore is a key market within its growth strategy in Southeast Asia.
Sumitomo Life Insurance Co expects to hit a target of earning 100 billion yen ($890 million) from overseas operations this fiscal year, helped by its acquisition of Singapore Life Holdings.
The closely held Japanese insurer is open to further acquisitions overseas, President Yukinori Takada said in an interview, without specifying in which countries he saw opportunities.
