Sumitomo Life buys an additional stake in Singlife

The transaction is still subject to regulatory approval.

Sumitomo Life has entered an agreement with Aviva Group to acquire 25.94% more of its share in Singlife for about S$900m.

Sumitomo Life's current 23.22% stake in Singlife is expected to increase after the transaction, although the final ownership percentage depends on the decisions of other Singlife shareholders regarding their rights under the existing shareholders' deed. 

The transaction is subject to regulatory approval and is anticipated to be completed in Q4 2023.

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Sumitomo Life aims to bolster its international business portfolio's earnings foundation and overall sustainability through this transaction. 

They intend to strengthen their partnership with Singlife, enhance customer convenience, and improve management efficiency by leveraging Singlife's expertise in its digital-enabled business model.