In an announcement, Singapore Life said the fresh funding will support its expansion plans in the city-state and beyond and accelerate its mobile-first ambitions.
Sumitomo Life’s investment brings Singapore Life’s total funding to date to $153 million.
“Now with the backing of Sumitomo Life in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone,” Singapore Life founder and CEO Walter de Oude said.
Singapore Life has previously secured funding from Aberdeen Standard Investments and Aflac Incorporated. In January, Aberdeen picked up a $13-million minority stake in Singapore Life, while Hong Kong-based asset manager Ion Pacific made a $7.3-million investment in May.
“We foresee rapid growth in the life insurance markets in Southeast Asia and Singapore in particular. We are excited to support Singapore Life’s growth by participating in the company as a long-term strategic investor,” according to Sumitomo Life president and CEO Masahiro Hashimoto.
Singapore Life is the first local independent life insurance company fully licensed by the Monetary Authority of Singapore since 1970.
Last year, Singapore Life had announced plans 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.