This agreement follows Sumitomo Life's earlier acquisition of Aviva plc's stake in Singlife, first announced on Sept 13. The transactions are anticipated to conclude in the first quarter of 2024, pending regulatory approvals in Japan and Singapore.
Sumitomo Life Insurance Company (Sumitomo Life) plans to take full control of Singapore Life Holdings (Singlife), with an offer to buy out fellow shareholder TPG’s 35% stake for $1.6 billion, and to make an offer to the remaining shareholders.
The transaction values SingLife at $4.6 billion, marking it as one of the largest insurance deals in Southeast Asia to date.
