Singapore Life Pte Ltd has received a US$13 million minority equity investment from Aberdeen Standard Investments (ASI).
According to a statement by the Scotland-based investment firm, the transaction will extend ASI’s strategic relationship with Singapore Life beyond the management of its fiduciary assets, allowing it to participate in the long-term growth of the digital life insurer as it expands its business across the Southeast Asian region.
As a pioneering fully digital insurer in its home market, Singapore Life aims to use its scalable platform and first mover advantage to become the leading digital life insurer in Southeast Asia. It recently received a US$52 million investment from British billionaire Michael Spencer.
“As a long-term investor, we see great potential in Singapore Life to continue disrupting the traditional insurance market and building market share,” said Hugh Young, ASI’s head of Asia-Pacific. “Leveraging our strong heritage in Singapore and the breadth of our investment expertise located across the Southeast Asian markets, we are committed to building on our relationship and exploring new opportunities to bring our asset management expertise to a broader client base in the region.”
“We are excited to have Aberdeen Standard Investments as a strategic investor,” said Walter de Oude, CEO of Singapore Life. “ASI is a leader in insurance asset management who brings not only strong investment expertise and brand credibility, but also deep insight into the challenges facing insurers and their clients globally. We look forward to working together as we grow our footprint in Singapore and beyond, and deliver on digital first journeys to customers via cutting edge technology.”
