Singapore insurer Singapore Life Holdings Pte Ltd (Singlife) announced Monday that it has become a fully owned subsidiary of Japan-based Sumitomo Life Insurance Company (Sumitomo Life).

Singlife said in a statement that the regulators in Singapore and Japan have approved the transaction, announced on December 22, 2023, which values Singlife at SGD 4.6 billion ($3.44 billion).

The deal builds upon Sumitomo Life’s initial investment in Singlife in 2019 and bolsters its commitment to Singapore.

Sumitomo Life intends for Singapore to be a key part of its expansion strategy in Asia.

“It has been a remarkable journey getting to where we are today. We have grown from strength to strength since Sumitomo Life’s first investment in Singlife in 2019, through Singlife’s merger with Aviva Singapore till today.

“The deal shows Sumitomo Life’s strong confidence in what we have done and in our long-term plans,” Singlife Chairman, Ray Ferguson said.

According to the statement, the ownership change will not affect Singlife’s operations, including its name, brand, management team and products.

It will enable Singlife to pursue its long-term growth ambitions, with the capital to drive its regional expansion and to grow as an integrated financial services company.

“As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfill our ambition to offer customers an omni-channel tech-enabled, holistic proposition,” Singlife Group Chief Executive Officer, Pearlyn Phau said.

“We will continue to build products and services to meet their protection needs and offer retirement and wealth solutions that further their wellbeing and address their protection gaps,

“I believe we can leverage the combined strengths of Singlife and Sumitomo Life to deliver exceptional financial planning solutions across Asia,” he added.

Singlife is one of the top six insurers in Singapore based on total assets of SGD 14.4 billion ($10.67 billion) as of December 31, 2022.

Among the top ten insurers in Singapore, Singlife recorded the highest year-on-year asset growth of 6.91 percent in 2022.

Sumitomo Life Insurance Company is a mutual life insurance company in Japan, founded in 1907 and headquartered in Osaka.

Japan’s Sumitomo Life acquires Singlife 35.48 percent stake for $1.21B