TPG-backed Singapore Life completed the acquisition of majority stake in Aviva Singapore for $1.9bn.

Private equity firm TPG-backed Singapore Life, completed the acquisition of a majority stake in Aviva Singapore, the Singaporean substitute of insurance broker Aviva for $1.9bn. The new combined business will initially be named Aviva Singlife. Aviva plc will retain a 25% equity shareholding in this new, combined business. Singlife’s existing shareholder, Sumitomo Life Insurance Company will hold 20% of the group equity, while Aflac Ventures, Aberdeen Asset Management, IPGL Limited and minorities will collectively hold 20% of the group equity. TPG, a global alternative asset firm, will hold 35% of the group equity. "The sale of Aviva Singapore is a significant first step in our new strategy to bring greater focus to Aviva's portfolio. We have achieved excellent upfront value for shareholders but have also retained an investment in a leading Singapore life business with attractive long term growth potential. The proceeds from the sale will further strengthen our financial position and enhance our ability to meet our strategic objectives. We continue to work at pace and are seeking to take decisive action on our portfolio with the goal of further enhancing long term value for our shareholders," Amanda Blanc, Aviva CEO.