TPG Eyes Sale of Singapore Life Stake, Valued at $3bn

US private equity giant TPG Inc. is exploring a sale of its stake in Singapore Life Holdings Pte in a deal that could value the insurer known as Singlife at about S$4 bn ($3bn), according to people with knowledge of the matter.

TPG, which owns a 35% stake in closely held Singlife, is working with a financial adviser on the potential divestment, the people said, asking not to be identified because the matter is private.

Deliberations are at a preliminary stage, and there’s no certainty they will result in a deal. A spokesperson for Singlife said it can’t comment on its shareholders’ intentions and declined to comment further. A representative for TPG also declined to comment.

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Japanese insurer Sumitomo Life Insurance Co. this month increased its stake in Singlife to 27% from 23.2% by buying S$180 m of new shares. Sumitomo in September also agreed to buy the 25.9% stake in Singlife held by UK-based Aviva Plc for S$900m. That deal is pending regulatory approval.

Singlife was founded in 2020 after Aviva sold a majority stake in its Singaporean business to a group of buyers including TPG and Sumitomo for about S$2.7bn at the time.

Singlife is the exclusive insurance provider for the city-state’s Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme. It had total assets of S$14.4bn and gross premiums of S$3.5bn at the end of 2022, according to a September press release.

Source: BNN Bloomberg

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