The agreement was originally announced last December. Under terms of the transaction, Singapore-based Singlife retains its brand and operations. The firm provides services including those touching on the wealth space.

Singlife, the business created out of a merger in 2022 between Aviva Singapore and Singlife, has now become a fully owned subsidiary of Japan’s Sumitomo Life Insurance Company.

Regulators in Japan and Singapore have given the green light to the transaction, originally announced in December last year.

Following the transaction, Singlife is valued at S$4.6 billion ($3.42 billion).

The deal builds upon Sumitomo Life's initial investment in Singlife in 2019. Sumitomo Life intends Singapore to become a key part of its expansion strategy in Asia, Singlife said in a statement yesterday. 

The ownership change won’t change Singlife's operations, including its name, brand, management team and products. 

“We will continue to build products and services to meet their [clients] protection needs and offer retirement and wealth solutions that further their wellbeing and address their protection gaps,” Singlife group chief executive, Pearlyn Phau, said. 

Singlife ranks as one of the top six insurers in Singapore based on total assets of S$14.4 billion as of 31 December 2022. 

In addition to insurance plans, employee benefits, partnerships with financial advisor channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. The business is also the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme.