The investment follows US-based insurance company Aflac’s $20-million investment in the Singapore-based insurtech startup earlier this month.
ASI said the investment in Singapore Life allows it to participate in the long-term growth of the next generation life insurance company as it expands its business across the Southeast Asian region, according to an official release.
“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 – this is a truly exciting opportunity for us to expand our strategic relationship with such a fast-growing digital life insurance provider and be part of its growth journey,” said Martin Gilbert, Co-Chief Executive, Aberdeen Standard Investments.
ASI manages £557.1 billion ($735.5 billion) of assets worldwide. The firm has clients in 80 countries supported by 50 relationship offices.
Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017.
Singapore Life is the first local independent life insurance company fully licensed by the Monetary Authority of Singapore since 1970.
Last year, Singapore Life was said to acquire the business portfolio of Zurich Life Singapore. Under the agreement, Singapore Life became responsible for all Zurich Life Singapore’s customers’ policies, totalling approximately S$6 billion of coverage for life, critical illness and disability benefits.