The Sumitomo and Aflac-backed digital insurance and savings product provider has merged with Aviva Singapore to form a business valued above $2.3bn.
Singapore Life (Singlife), the Singapore-based digital insurance provider backed by conglomerate Sumitomo and insurance firm Aflac, agreed on Friday to merge with insurance group Aviva’s Singaporean subsidiary.
Aviva will take a 25% stake in the business in addition to S$2bn ($1.46bn) in cash and marketable securities and $183m in vendor finance notes for the sale of Aviva Singapore.
Singlife provides a mobile-focused insurance service that offers health and life insurance having been granted a licence in 2017. It launched a…
