Singapore: Insurance giant to sell stake in mega insurance deal
Source: Asia Insurance Review | Oct 2020
UK insurer Aviva has agreed to sell a majority shareholding in Aviva Singapore to a consortium led by Singapore Life (Singlife). The new business will be initially branded as Aviva Singlife.
The Singlife-led consortium includes TPG which will become the largest shareholder in the new group upon completion with a stake of 35%.
Valuing the combined entity at S$3.2bn ($2.3bn), the deal marks one of the largest in the insurance sector in Southeast Asia and the largest in Singapore. On completion, Aviva will receive S$2.7bn in consideration.
The transaction is subject to regulatory approval and is expected to be completed by January 2021. A