Singapore Life has become quite popular with investors lately.
According to The Business Times, Japan’s Sumitomo Life Insurance has invested $90 million in digital-focused insurer Singapore Life. The deal gives Sumitomo 25% of the company, while raising Singapore Life’s valuation to $358 million.
Earlier this year, Scottish asset manager Aberdeen Standard Investments took a minority stake in Singapore Life for $13 million. American insurer Aflac Incorporated did the same last December, investing $20 million. Michael Spencer, the British philanthropist and NEX Group founder, doubled his stake in the startup late last year after investing roughly $53 million. He now owns 63% of the company.
Speaking to The Business Times, Singapore Life CEO Walter de Oude said that Sumitomo’s investment now gives the company enough cash to accelerate its “mobile-first ambitions.”
“Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs,” de Oude said in a statement.
As for Sumitomo:
Masahiro Hashimoto, president and CEO of Sumitomo Life, said the investment comes as the group expects rapid growth in the life insurance markets in South-east Asia and Singapore, in particular.
Photo: Jpatokal
