Insurance firm Singapore Life (Singlife) is scouting for acquisition to expand operations, Bloomberg reported, citing CEO Pearlyn Phau.

Particularly, Singlife is looking to buy assets in the Southeast Asian markets of Indonesia and Vietnam.

The Singapore-based firm, which aims to become a regional player, is also planning to launch an initial public offering within five years, Phau told the publication in an interview.

“Scale is important and there are markets in Southeast Asia that are still pretty much under-penetrated in terms of insurance,” said Singlife chief.

 “We are looking for opportunities for us to acquire and pick up some assets in the region.”

With backing from TPG and Japanese mutual insurer Sumitomo Life Insurance, Singlife has been expanding operations since it secured a licence in Singapore five years ago.

Phau, who joined the firm in 2021 after spending almost two decades at DBS Group, said the insurer is assessing “very exciting” markets such as Indonesia and Vietnam and decide if they fit into the firm.

As per the report, Singlife chief prefers acquisitions as securing licences may to not be easy.

In 2018, Singlife brokered a deal to acquire the business portfolio of Zurich Life Singapore comprising coverage for life, critical illness and disability benefits.

Later in 2020, British insurer Aviva agreed to sell a majority stake in Aviva Singapore to Singlife for £1.6bn.

Following the deal, Singlife was rebranded as Singlife with Aviva.