Sumitomo Life Insurance to make fresh investment in Singlife
SINGAPORE, NNA - Sumitomo Life Insurance Co. will make an additional investment in digital insurance firm Singapore Life Pte. Ltd., known as Singlife, in a bid to expand its overseas operations.
Sumitomo Life said Monday its S$320 million ($235 million) investment in Singlife aims to back up the Singaporean firm's recent merger deal with British multinational insurance firm Aviva plc's local arm, Aviva Ltd.
The Japanese insurance firm initially invested US$90 million in Singlife last year. Sumitomo Life said its stake in Singlife will come to around 20 percent after the fresh investment.
By strengthening its ties with Singlife, Sumitomo Life will further beef up its overseas operations and help to promote its businesses at home, a Sumitomo Life official told NNA. (NNA/Kyodo)