Sumitomo Life has invested in Singlife since 2019, and the action follows its earlier acquisition of Aviva plc's stake in the company.
Singapore Life Holdings (Singlife) has become a fully owned unit of Sumitomo Life Insurance Company after the deal was given the go-ahead from regulators in Singapore and Japan.
The transaction, first announced last December, which values Singlife at $4.6 billion, comes after Sumitomo Life's December 2023 proposal to acquire TPG's 35% stake in Singlife for $1.6 billion, along with the remaining shareholders.
