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.

Information is accurate as at 11 September 2020. 

Singlife is a technology-focused life insurer incorporated in Singapore and has been operating in the market for over 3 years. Approved by the Monetary Authority of Singapore in 2017, Singlife adopts smart technologies to make insurance totally mobile, with automated efficiencies to make purchasing insurance more convenient and affordable. Singlife’s vision is to enable people to unlock the potential of money. 

TPG is a leading global alternative asset firm founded in 1992 with more than $79 billion of assets under management and offices worldwide. TPG's investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. TPG has been investing in a range of industries such as financial services, healthcare, retail, media, and technology. In the financial services space, companies they have invested in include Korea First Bank, Shenzhen Development Bank, PT BFI Finance, Bank BTPN, American Beacon, Du Xiaoman Financial and CD Finance. 

Yes. The transaction includes Aviva Singapore’s insurance business, our unit trust platform, Navigator, as well as ownership of two of the largest financial advisory firms in Singapore, Aviva Financial Advisers (AFA) and Professional Investment Advisory Services (PIAS).

Aviva Singapore and Singlife both share a common goal to offer customers a comprehensive range of solutions at competitive prices, with a hassle-free service experience. With Aviva Singapore’s established excellence and industry experience, and Singlife’s innovative and digitally focused capabilities, customers will enjoy an enhanced experience and a broader range of products.

Your policies and investment accounts will remain unchanged. There will not be, as a result of this transaction, any change in your coverage, policy terms and premiums, or investment account terms and fees.

Your policies and investment accounts with Aviva and Singlife remain unchanged. For now, please continue to log in to MyAviva to manage your Aviva policies, and log in at www.singlife.com or the Singlife Account Mobile App to manage your Singlife policies.

In Singapore, the Policy Owners’ Protection Scheme (PPF Scheme) exists to protect policy owners in the unlikely event that a life or general insurer fails. The PPF Scheme provides protection for the guaranteed benefits on your life insurance policies, as well as coverage for certain types of general insurance, subject to caps where applicable. The caps on the compensation is calculated per life assured per insurer. As Aviva Singapore and Singlife will be combining into one company when the transaction is complete, this cap is important to note if you have policies with both insurers. You can find out more about the PPF Scheme here.

No, there is no need to amend your payment arrangements.

No, there is no need to resubmit anything. 

No action is required. We aim to make the integration as seamless as possible for you.