Edinburgh-based investment giant Aberdeen Standard Investments (ASI) has made a $13 million minority equity investment in Singapore Life Pte. Ltd., a digitally-focused life insurance company based in Singapore.
“The investment extends ASI’s strategic relationship with Singapore Life beyond the management of its fiduciary assets, allowing it to participate in the long-term growth of the next generation life insurance company as it expands its business across the South East Asian region,” said Aberdeen Standard.
“Singapore Life is the first fully digital insurer in Singapore.
“Its aim is to use its scalable platform and first mover advantage to become the leading digital life insurer in South East Asia.”
Martin Gilbert, co-chief executive, Aberdeen Standard Investments, said: “As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator.
“Singapore Life exemplifies an innovator in providing customers with better financial solutions through advanced technology – this is a truly exciting opportunity for us to expand our strategic relationship with such a fast-growing digital life insurance provider and be part of its growth journey.”
Hugh Young, Head of Asia Pacific, Aberdeen Standard Investments, said: “As a long-term investor, we see great potential in Singapore Life to continue disrupting the traditional insurance market and building market share.
“Leveraging our strong heritage in Singapore and the breadth of our investment expertise located across the South East Asian markets, we are committed to building on our relationship and exploring new opportunities to bring our asset management expertise to a broader client base in the region.”
Walter de Oude, CEO of Singapore Life said: “We are excited to have Aberdeen Standard Investments as a strategic investor.
“ASI is a leader in insurance asset management who brings not only strong investment expertise and brand credibility, but also deep insight into the challenges facing insurers and their clients globally.
“We look forward to working together as we grow our footprint in Singapore and beyond, and deliver on digital first journeys to customers via cutting edge technology.”