We are pleased to share that Aviva plc has announced a planned transaction to combine Aviva Singapore and Singapore Life Pte Ltd (“Singlife”). The combination will strengthen our position as a leading life insurer in Singapore.
As a result of the transaction, Aviva plc will retain a 25% equity shareholding in the new, combined business. TPG, a leading global private equity investor, will become a significant shareholder in the combined group, alongside Sumitomo Life Insurance Company and the other existing Singlife shareholders.
Over the past several years, Aviva Singapore has focused on delivering a customer-centric strategy, seeking to offer our customers a broad range of products and benefits at a competitive price. As a result of our continued effort and investment, Aviva Singapore has become an industry leader insuring about 1.5 million customers and managing S$11.8 billion of assets (as at 31 December 2019).
The transaction is subject to closing conditions, including regulatory approval, and is expected to complete by January 2021. Thereafter, the Aviva Singapore and Singlife legal entities will combine, subject to approval by the Singapore courts, targeting the first half of 2021. Aviva Singapore and Singlife will continue to operate independently until then.
Thank you for your support. We look forward to continuing our relationship with you.
https://www.aviva.com.sg/en/aviva-s...mA9OO4ErWpOyhZ66Nj_DjeiLdN6VM5ANtUlY_HW2QY78M