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TPG, Singapore Life, and Sumitomo Life Acquire Singapore Unit of UK Insurance Company Aviva for USD2b

A consortium of investors led by Singapore Life (Singlife) and including TPG and Japanese insurer Sumitomo Life have acquired the Singapore business of UK-based insurance company Aviva for USD2b. The transaction, which is expected to close in January 2021, will grant the consortium a 75% interest in Aviva Singlife, the new entity, with TPG and Sumitomo Life taking 35% and 20%, respectively. Existing Singlife investors Aflac Ventures, Aberdeen Asset Management, and IPGL are reportedly taking a combined 20%. Read more