Singlife enters PH insurance, teams up with Aboitiz
Foreign insurer Singapore Life Private Ltd. (Singlife) has gained a foothold in the Philippine life insurance industry in partnership with conglomerate Aboitiz Equity Ventures (AEV), seeking to “disrupt” the protection space with its digital offering.
They formed a new joint venture firm called Singlife Philippines, 65 percent of which is owned by Singlife while partners Di-Firm and AEV own 20 percent and 15 percent, respectively.
Using a digital platform, the new company seeks to make insurance and financial products more accessible to Filipinos nationwide, AEV said in a disclosure to the Philippine Stock Exchange.
“With Singlife’s unique fintech expertise in digitalizing life insurance offers and with AEV’s strategic position across industries in the local market, Singlife Philippines is poised to claim its share in the local life insurance market,” the disclosure said.
Singlife Philippines is targeting to serve people between 25 to 50 years old, with net income between P25,000 to P50,000 per month and a preference for online and mobile services.
Singlife is the first independent life insurance company that is fully licensed by the Monetary Authority of Singapore since 1970. Valued at $360 million, the company has attracted investments from major life insurers such as Aflac, Aberdeen Standard Investments, and Sumitomo Life Insurance.
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