Combination of Aviva Singapore & Singlife
11 September 2020
We are pleased to share that Aviva plc has announced a planned transaction to combine Aviva Singapore and Singapore Life Pte Ltd (“Singlife”). The combination will strengthen our position as a leading life insurer in Singapore.
As a result of the transaction, Aviva plc will retain a 25% equity shareholding in the new, combined business. TPG, a leading global private equity investor, will become a significant shareholder in the combined group, alongside Sumitomo Life Insurance Company and the other existing Singlife shareholders.
Over the past several years, Aviva Singapore has focused on delivering a customer-centric strategy, seeking to offer our customers a broad range of products and benefits at a competitive price. As a result of our continued effort and investment, Aviva Singapore has become an industry leader insuring about 1.5 million customers and managing S$11.8 billion of assets (as at 31 December 2019).
Singlife shares the same commitment to its customers as Aviva Singapore, and has shown market leadership in its innovation and customer experience.
The newly combined business will bring together Aviva Singapore’s established excellence and industry experience with Singlife’s innovative and digitally focused capabilities, offering customers an enhanced experience and a more comprehensive set of solutions.
Although this announcement represents a significant milestone, there are a few things we would like to highlight which will not change:
- There will be no changes as a result of this announcement to the terms, premiums and fees of policies you hold with Aviva Ltd, and investment accounts you have with Navigator or dollarDEX
- Our customer service is unchanged, and you will continue to communicate with the same experienced team
- We will continue to operate under the same brand until further notice
The transaction is subject to closing conditions, including regulatory approval, and is expected to complete by January 2021. Thereafter, the Aviva Singapore and Singlife legal entities will combine, subject to approval by the Singapore courts, targeting the first half of 2021. Aviva Singapore and Singlife will continue to operate independently until then.
Thank you for your support. We look forward to continuing our relationship with you.
Frequently Asked Questions (FAQ)
Who is Singlife?
Who is TPG?
Does the transaction include Aviva Ltd’s subsidiaries?
Why are you combining? What does this transaction mean for me as a customer?
What happens to the Aviva policies and Navigator/dollarDEX investment accounts I have?
I also have policies with Singlife. What do I need to take note of?
For premium payment or investment account top-ups, do I need to change the payee or set up a new GIRO arrangement for the new entity?
I have a transaction/claim in progress. Do I need to resubmit my request and documents?
Is there any action needed from me at all?
Information is accurate as at 11 September 2020.