Japan’s Sumitomo Life Insurance coverage has acquired an extra stake in insurtech Singapore Life Holdings (Singlife) by investing of S$179.99m ($132.74m).
The funding will end result within the issuance of 23.68 million new shares of Singlife, which signify 4.92% of the elevated share capital of the corporate.
With the newest funding, the share capital of Singlife and whole issued shares rose to S$2.25bn from S$2.07bn and to 481.72m from 458.04m, respectively.
The capital injection took the stake held by Sumitomo Life in Singlife to 27%, the corporate famous.
Singlife supplies insurance coverage options for Singapore’s defence and residential affairs ministries, in addition to the Public Officers Group Insurance coverage Scheme.
Sumitomo Life is a long-term investor of Singlife and has underwritten the share allocation to present shareholders, establishing the monetary basis for the latter.
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In a press assertion, Sumitomo Life stated: “This transaction is predicted to strengthen the earnings basis of our worldwide enterprise portfolio and contribute to the sustainability of our group’s operations.
“By this transaction, Sumitomo Life goals to reinforce its partnership with Singlife, enhance buyer comfort, and obtain higher administration effectivity by leveraging Singlife’s experience in its digital-enabled enterprise mannequin.”
In 2019, Sumitomo Life bought a 25% stake in Singapore Life for $90m.
The proceeds from the sale of stakes have been utilized by the Singaporean insurer to introduce new enterprise traces and product verticals within the area.
