US-based insurer Aflac has picked up a minority equity stake in digital insurance firm Singapore Life for $20m.
The exact size of the acquired stake was not revealed. Singapore Life is said to be the region’s first life insurer that is fully licensed by the country’s central bank since 1970.
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Singapore Life CEO Walter de Oude said: “We are excited to have Aflac as both an investor in Singapore Life and a partner, given the strength of Aflac’s brand, the credibility that it brings, and their leadership in the areas of cancer insurance and other supplemental medical policies.”
At the same time, Aflac subsidiary American Family Life Assurance Company of Columbus and Singapore Life will sign a reinsurance agreement on certain protection products.
Aflac executive vice president and CFO Frederick Crawford said: “As a leader in voluntary health and life insurance in both the U.S. and Japan, we believe we can provide valuable insight to Singapore Life while at the same time working closely with Singapore Life’s strong management team to better understand other Southeast Asian markets for potential growth opportunities.
“This strategic investment and relationship with Singapore Life serves as a good example of Aflac strategy to leverage digital technology to enter new markets or lines of business in a measured approach with limited capital at risk.”
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