Sumitomo Life Insurance completed the acquisition of a 35% stake in Singlife from TPG in a $3.5bn deal.

Sumitomo Life Insurance, a mutual life insurance company, completed the acquisition of a 35% stake in Singlife, a financial services company, from TPG Capital, a privte equity firm, in a $3.5bn deal. “We are pleased to join the Sumitomo Life group. 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. I would like to express our gratitude to TPG, Aviva, IPGL, and other shareholders who have walked this incredible journey with us. Thank you for your unwavering support,” Ray Ferguson, Singlife Chairman.