News

Aberdeen pumps $13 million into Singapore Life

Aberdeen Standard Investments (ASI) has invested $13 million in Singapore Life, the first fully digital insurer in Singapore, the asset management firm has announced. The minority equity investment deepens the current relationship “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,” the asset manager, which is headquartered in Scotland, said in a statement. Martin Gilbert, ASI’s co-chief executive, said that “technology innovation will become a key differentiator” as the industry grapples with digital change. In the statement, ASI added: “As a testament to the strength of Singapore Life's strong capital base, governance and capability, Singapore Life successfully acquired Zurich Life Singapore's business portfolio and achieved more than SGD6.6 billion [US$4.85 billion] in life insurance coverage to date.” That acquisition was announced in January 2018. Singapore Life has locked its sights on becoming the leading digital life insurer in South East Asia. The ASI investment follows a $20 million minority equity investment from US insurance company, Aflac, which was reported in December 2018. ASI says it manages $735.5 billion of assets worldwide. ©2019 funds global asia

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