Aflac Incorporated has made a $20m minority equity investment in Singapore Life, a digitally-focused life insurance company. At the same time, Aflac announced that its operating subsidiary American Family Life Assurance Company of Columbus plans to enter into a reinsurance agreement on certain protection products with Singapore Life.
Aflac Incorporated treasurer and head of corporate development, Mr Max K Broden, said, "We are excited about this opportunity to invest in a new, digitally-focused insurance company. Singapore Life is an excellent example of how technology can be leveraged to provide better financial solutions to its clients through both direct, via singlife.com, and traditional channels. We are excited to be part of their growth story, and we look forward to a successful relationship."
Aflac Incorporated EVP and CFO Mr Frederick J Crawford said, “As a leader in voluntary health and life insurance in both the US and Japan, we believe we can provide valuable insight to Singapore Life while at the same time working closely with Singapore Life's strong management team to better understand other Southeast Asian markets for potential growth opportunities. This strategic investment and relationship with Singapore Life serves as a good example of Aflac strategy to leverage digital technology to enter new markets or lines of business in a measured approach with limited capital at risk."
Singapore Life CEO Mr Walter de Oude added, "We are excited to have Aflac as both an investor in Singapore Life and a partner, given the strength of Aflac's brand, the credibility that it brings, and their leadership in the areas of cancer insurance and other supplemental medical policies.”
In Japan, Aflac is the leading provider of medical and cancer insurance and insures 1 in 4 households. Aflac insurance products help provide protection to more than 50 million people worldwide.
Singapore Life is the first local independent life insurance company fully licensed by the Monetary Authority of Singapore since 1970. Singapore Life successfully acquired Zurich Life Singapore's business portfolio and achieved more than S$6.6bn ($4.8bn) in life insurance coverage to date.