International Investment House Takes Singapore Life Minority Stake

Tom Burroughes

16 January 2019

, the business launched in late 2017 that delivers life insurance via digital channels and is an important source of tools for wealth advisors and clients.

This investment extends ASI’s strategic relationship with Singapore Life beyond the management of its fiduciary assets.

“As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator. Singapore Life exemplifies an innovator in providing customers with better financial solutions through advanced technology,” Martin Gilbert, co-chief executive, Aberdeen Standard Investments, said.

In 2017, this publication interviewed Singapore Life chief executive officer Walter de Oude about the launch of his business and its positioning within the wider Asian wealth management space. The firm is promoting its digital model claiming that it is a relatively efficient, low-cost delivery approach.

In June 2017, the Monetary Authority of Singapore, the regulator, gave the green light to Singapore Life to be a fully-licensed direct life insurer. In April, Singapore Life raised $50 million in its Series A funding round, with backing from shareholders such as Chong Sing Holdings FinTech Group Limited and IPGL Limited. It has also partnered with two reinsurers – Munich Re Group and Pacific Life Re Limited.

The wealth management “toolbox” has already seen development of what are called private placement life insurance policies in recent years. These are structures directed at wealthy individuals enabling them to create tax-efficient, arm’s length portfolios which are recognised in a number of jurisdictions. Singapore Life said that it is looking at developing PPLIs at some stage in the coming months. (Players in this field include Swiss Life, Vie and Lombard International Assurance.)