Online-only insurer Singapore Life, which took over Zurich Life Singapore business a year ago, has received funding that pushes its valuation above $200 million.
Fintech firm Singapore Life has received $20 million in investment from U.S. insurer Aflac in exchange for a minority equity stake, according to an article in «Business Times» (behind paywall). The U.S. insurer is the leading provider of medical and cancer insurance in Japan, and insures one in four households there, according to its corporate profile.
The latest move to include a number of strategic investors as minority shareholders is to provide additional diversity in the capital base and significant «capital depth», as well as to build strategic skill sets, said Walter de Oude, chief executive of Singapore Life. This brings the current valuation of Singapore Life to more than $200 million, he added, without revealing the size of the minority stake.
Adding On Certain Products
In addition, New-York listed Aflac will partner up with Singapore Life via a reinsurance agreement on certain protection products. The partnership will be with Aflac's operating subsidiary, American Family Life Assurance Company of Columbus.
De Oude said that Singapore Life would be able to work with Aflac, given its leadership in the areas of cancer insurance and other supplemental medical policies. At the start of 2018, the firm acquired the business portfolio of Zurich Life Singapore, taking over all the policies of Zurich Life Singapore's customers. The portfolio amounted to about S$6 billion in coverage for life, critical illness and disability benefits.
