Singapore Life, a technology-focused life insurer, has received a US$7.3 million investment from Hong Kong-based asset manager Ion Pacific.
Alongside Ion Pacific, the other participants of this latest funding round were existing shareholders Aflac and Standard Life Aberdeen, Deal Street Asia reported.
The transaction gives Ion Pacific exposure to the Southeast Asian insurance market, which is one of the fastest-growing in the world.
“Ion Pacific continues to support exceptional businesses and strong founding teams as a part of its mandate to provide creative financing solutions to the global innovation economy,” said Kristaps Ronis, principal at Ion Pacific.
Singapore Life was founded in 2014 by Walter de Oude, former CEO of HSBC Insurance Singapore. In 2017, in began operating, and has raised over US$100 million in external funding. It also acquired Zurich Life’s portfolio in Singapore, with an estimated value of SG$6 billion in life insurance coverage.