Singapore life insurer Singlife has disclosed a significant capital infusion from Sumitomo Life Insurance Company, with the fresh investment tallying to SG$179,999,996.
This investment has translated into the issuance of 23,684,210 new shares, adjusting Singlife's capital structure to reflect a 4.92% increase. Consequently, the share capital of Singapore Life Holdings Pte Ltd (Singlife) has swelled from SG$2,078,423,573.9 to SG$2,258,423,569.9. The total number of issued shares has concurrently risen from 458,044,338 to 481,728,548. After the completion of the capital injection, Sumitomo Life's stake in Singlife is now 27.001%.
This new capital injection reinforces Singlife's growth trajectory and underlines Sumitomo Life's bolstered stake in the company. Singlife is the sole insurer for key government bodies including the Ministry of Defence, Ministry of Home Affairs, and the Public Officers Group Insurance Scheme.
The influx of capital is earmarked for accelerating Singlife's business expansion. With a sturdy financial foundation, Singlife is primed to enhance its diverse offerings, which range from insurance and savings products to employee benefits services. Further complementing its product range is the GROW with Singlife platform, alongside the company's investment and advisory services, and the Singlife Account and app.
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