Japan’s Sumitomo Life invests additional $133M in Singapore’s Singlife

japan’s sumitomo life invests additional $133m in singapore’s singlife

Singapore homegrown financial services company Singlife has on Wednesday announced Japanese insurance company Sumitomo Life Insurance Company (Sumitomo Life) has increased its investment in the company by way of a capital injection amounting to SGD 180 million ($132.64 million).

Singlife said in a statement that the capital injection will be used to support its business growth.

According to the statement, Singlife’s financial strength serves as a bedrock for its continued growth strategy, building on its comprehensive suite of insurance, employee benefits, and savings products and services.

Complementing this portfolio are investment and advisory solutions through the GROW with Singlife platform, and the Singlife Account and app.

The issue comprises 23.68 million new shares, representing 4.92 percent of the increased share capital of Singlife.

The share capital of Singlife and total issued shares have been increased from SGD 2.08 billion ($1.53 billion) to SGD 2.26 billion ($1.67 billion) and from 458.04 million to 481.73 million respectively.

Following the capital injection, Sumitomo Life holds 27 percent of Singlife.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme in Singapore.

Demonstrating its commitment to providing accessible and comprehensive insurance solutions, Singlife is also one of the leading providers of CareShield and employee benefits.


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