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Japan's Sumitomo Life Insurance to buy Singapore Life Holdings

( December 22, 2023, 08:07 GMT | Official Statement) -- MLex Summary: Sumitomo Life Insurance said today it has agreed to buy a 35.48 percent stake in Singapore Life Holdings from asset manager TGP for S$1.6 billion ($1.2 billion) to expand its Asian business. Together with Sumitomo’s earlier plan, announced in September, to buy a 25.94 percent stake of Singapore Life from Aviva Holding Group, a British insurance group, for S$930 million, the Singaporean insurer is expected to become a subsidiary of Sumitomo. In addition, Sumitomo plans to acquire all the remaining shares of Singapore Life, known as Singlife, to make the latter a wholly owned subsidiary. The Osaka-based company said that the transactions with TGP and Aviva are subject to closing conditions, including regulatory approval, and are expected to complete by March 2024. Media reports put the total value of the transactions at S$4.6 billion. The statement is attached....

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