Sumitomo offers to fully acquire Singlife, valuing insurer at US$3.46bil

Under the deal, Sumitomo Life will buy asset manager TPG’s 35% stake in Singlife for S$1.6bil. — The Straits Times

SINGAPORE: In one of the largest insurance deals in the region, Japanese insurer Sumitomo Life Insurance is offering to fully acquire local insurer Singapore Life Holdings (Singlife), valuing it at S$4.6bil (US$3.46bil).

Under the deal, Sumitomo Life will buy asset manager TPG’s 35% stake in Singlife for S$1.6bil. It will also offer to acquire the shares of minority investors.