Singlife and MUFG Bank (MUFG) have announced the successful completion of a S$550m ($434.8m) bilateral financing facility, one of the largest transactions in Singapore's insurance sector to date.
MUFG acted as Singlife’s sole capital structure adviser and exclusive financier, delivering a customised S$-denominated financing solution tailored for Singlife’s capital management objectives. Proceeds from the facility will be used to redeem S$550m of subordinated notes, supporting the optimisation of Singlife's capital structure.
Singlife undertook a comprehensive review of its capital structure after its acquisition by Sumitomo Life. The review focussed on preserving capital strength, optimising balance sheet efficiency, maintaining credit ratings strength and ensuring long-term funding certainty amid a volatile interest rate environment.
“For Singlife, the refinancing reflects a proactive and disciplined approach to capital management, reinforcing our emphasis on financial resilience and sustainable long-term growth, said Singlife CFO Sumit Behl.
“The transaction supports Singlife’s capital and funding profile in line with our ratings considerations and long-term financial strategy.”