Singlife Holdings Pte Ltd has become a wholly-owned subsidiary of Japan’s Sumitomo Life Insurance Company, following approval from regulators in Singapore and Japan. The acquisition, valued at SGD4.6bn (USD3.4bn), marks a significant step in Sumitomo Life’s strategy to expand its presence in Asia, particularly in Singapore. Ray Ferguson, Singlife Chairman, highlighted the company’s growth and the strong confidence Sumitomo Life has shown in their journey and future plans. Pearlyn Phau, Singlife Group CEO, emphasised the deal’s role in enabling the insurer to pursue ambitious regional expansion and enhance its integrated financial services offerings. Singlife, which has assets totaling SGD14.4bn, as of December 31, 2022, aims to leverage this partnership to deliver comprehensive financial planning solutions across Asia.