One of the youngest insurance companies in Singapore has attracted a $13m (£10.1m, €11.3m) minority equity investment from a major UK asset manager.
The investment extends Aberdeen Standard Investment’s (ASI) strategic relationship with Singapore Life beyond the management of its fiduciary assets.
The deal will allow ASI “to participate in the long-term growth of the next generation life insurance company, as it expands its business across the south-east Asian region”, the firm said.
Beyond the $13m figure, no further details of the transaction have been released.
Building on Zurich acquisition
Singapore Life was launched in June 2017 and was the first local insurer to receive a licence from the Monetary Authority of Singapore in nearly half a century.
In January 2018 it acquired the business portfolio of Zurich Life Insurance (Singapore).
The book of business comprised around 5,000 policies that had been in run-off since December 2015, when Zurich closed to new business in the city state.
Walter de Oude, chief executive of Singapore Life, described ASI “as a leader in insurance asset management who brings not only strong investment experience and brand credibility, but also deep insight into the challenges facing insurers and their clients, globally”.
Disrupting the sector
“As a long-term investor, we see great potential in Singapore Life to continue disrupting the traditional insurance market and building market share,” said Hugh Young, head of Asia Pacific at the asset manager.
Martin Gilbert, co-chief executive of ASI, added: “As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator.
“Singapore Life exemplifies an innovator in providing customers with better financial solutions through advanced technology.”
