Asia Insurance Market: IPGL Increases Stake in Singapore Life

 IPGL, Michael Spencer’s private investment company, is pleased to announce that it will increase its stake in Singapore Life, Singapore’s fastest-growing life company.

IPGL has acquired a further 33.8% stake in the company from Chong Sing Holdings, the Hong Kong-based financial group, for US$52.7 million, valuing the company as a whole at US$156 million. This brings its total holding, including its original investment, to 63.2%.

The investment fits with IPGL’s strategy of investing in high growth fintech businesses and supporting them through their development. As part of the transaction IPGL has indicated that it would be prepared to invest in further investment rounds as Singapore Life expands.

Singapore Life is the first independent life insurance company fully licensed by the Monetary Authority of Singapore since 1970, and it is listed by KPMG as one of the top 100 Fintech firms in the world. Singapore Life was borne out of a need for insurance and wealth services that leverage technology to create great customer value and experience.

Singapore Life started operating in 2017 and already provides cover of more than SG$6.6 billion in life insurance to date. The company operates entirely digitally, enabling customers to apply directly for life insurance protection in minutes and to manage their policies on either their desktops or mobile devices. It also uses this technology to provide advisers with an efficient platform from which to advise their clients.

Walter de Oude, Singapore Life’s founder and CEO said: “I am delighted with this investment and commitment by IPGL, which demonstrates significant confidence in Singapore Life and our success to date. I am looking forward to continuing to work with Michael Spencer and his team to fulfil our Company’s enormous potential.”

Michael Spencer added: “We are extremely impressed by what Walter and his team have achieved in a short space of time and pleased that the opportunity arose to increase our investment in Singapore Life. This is exactly the type of disruptive business we like to invest in, one that is making full use of technology to deliver key financial services to customers.”

The transaction has been approved by the Monetary Authority of Singapore.

About alastair walker 11399 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.