Aflac invests $20m in PE-backed Singapore Life
US insurance giant Aflac has invested $20 million in Singapore Life, a digitally-focused financial technology start-up backed by UK private equity investor IPGL.
"As a leader in voluntary health and life insurance in both the US and Japan, we believe we can provide valuable insight to Singapore Life while at the same time working closely with Singapore Life's strong management team to better understand other Southeast Asian markets for potential growth opportunities," Aflac CFO Frederick Crawford said in a statement.
IPGL joined a $50 million Series A for the company in 2017 alongside Impact Capital, a division of Hong Kong-listed Credit China FinTech Holdings. According to a filing, Impact contributed $21.3 million for a 33.8% stake. At the time, the investment was touted as the largest ever Series A for a Singaporean fintech company in the insurance category.
Founded in 2014, Singapore Life claims to be the first local independent life insurance company fully licensed by the Monetary Authority of Singapore since 1970. Last year, the company acquired Zurich Life Singapore's business portfolio and achieved more than S$6.6 billion ($4.8 billion) in life insurance coverage.
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