Singapore Life secures $90m investment from Japan's Sumitomo Life to 'reshape' financial industry

Japanese insurer Sumitomo Life Insurance Company has made a $90 million investment in Singapore Life and acquired approximately 25 percent of the total issued and outstanding shares in the company.

The investment brings Singapore Life’s total funding to $153 million, and supports its expansion plans in offering connected, insurance-led financial services in Singapore and Southeast Asia.

Singapore Life aims to reduce fragmentation, and create a connected consumer financial journey and interface, from life insurance to money and wealth management. The company plans to launch digitally-enabled products and services that integrate savings, investment and protection.

Earlier in Jan. 2018, the company acquired Zurich Insurance Group's Zurich Life Singapore business portfolio.

Walter de Oude, founder and chief executive officer of Singapore Life, said: “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.

"Now with the backing of Sumitomo Life in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone. We truly believe there is a need to reshape the financial industry.”

Masahiro Hashimoto, president and chief executive officer of Sumitomo Life, commented: “We foresee rapid growth in the life insurance markets in Southeast Asia and Singapore in particular. We are excited to support Singapore Life's growth by participating in the company as a long-term strategic investor.”

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