Combined entity will be initially known as Aviva Singlife, and is valued at SG$3.2 billion. Aviva plc will retain a 25% equity shareholding in the new, combined business. Singlife’s existing shareholder, Sumitomo Life Insurance Company, will hold 20% of the group equity, while Aflac Ventures LLC, Aberdeen Asset Management PLC, IPGL Limited and minorities will collectively hold 20% of the group equity. TPG, a global alternative asset firm, will hold 35% of the group equity.
Aside from its insurance business, Aviva Singapore also owns a unit trust platform, Navigator, as well as two major financial advisory firms in Singapore – Aviva Financial Advisers (AFA) and Professional Investment Advisory Services (PIAS). By joining forces with Aviva Singapore, we are creating a home-grown regional brand that will go far beyond insurance and deliver on these ambitions by creating innovative financial products with intuitive technology and independent advice.