SINGAPORE - Life insurance firm Singapore Life on Tuesday (Jan 15) announced its latest cash investment in a series of Series B transactions.
The Aberdeen Standard Investments' (ASI) subscription of US$13 million (S$17.6 million) as a minority equity partner immediately follows the recent Aflac Investment of US$20 million, and brings the total capital raised to date to US$97 million.
"With this growth capital, Singapore Life is well placed to begin its expansion plans across South-east Asia and scale into new business technology ventures over the coming year," it said.
Aberdeen, in a separate announcement, said that the investment extends its "strategic relationship" with Singapore Life beyond the management of its fiduciary assets, to participating in the long-term growth of the next-generation, digitally-focused insurer.
Singapore Life is the first fully digital insurer in Singapore.
Walter de Oude, CEO of Singapore Life, said: "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."
He added that bringing in "well-respected investors" such as Aberdeen and Aflac as minority shareholders also adds further credibility to its business model.