A consortium led by Singapore Life Pte. Ltd. (Singlife) has completed its previously announced transaction to combine Singlife with UK insurer Aviva’s Singapore operations.
With the deal now complete, a new company called Aviva Singlife Holdings Pte. Ltd. will now hold the Singlife and Aviva Singapore legal entities, which will continue to operate independently until the Singapore courts approve the scheme of transfer of the Singlife business to Aviva Singapore.
Once the transfer has completed and is approved by the courts, the new combined operation will be named Aviva Singlife Pte. Ltd.
Current Chairman of Singlife, Ray Ferguson, has been appointed Chairman of Aviva Singlife Holdings, with Singlife Group Chief Executive Officer (CEO), Walter de Oude, being appointed as Deputy Chairman of the new company.
Additionally, current Aviva Singapore CEO, Nishit Majmudar, has been appointed CEO of Aviva Singlife upon approval of the scheme transfer by the courts.
Ferguson commented: “This milestone marks the establishment of a well-capitalised financial holding company, ready to bring change to the insurance industry in Singapore. We look forward to harnessing the best that Singlife brings in technology and Aviva Singapore in quality advice for the benefit of Singaporeans and the region.”
The deal completion comes after a landmark issuance of SGD 550 million Reg S Only 10.25NC5.25 Tier 2 notes from Aviva Singlife Holdings at 3.375% to outstanding investor demand, with the final book order exceeding S$3.5 billion.
Majmudar said: “Aviva has a long history of building trust with people in Singapore and delivering quality advice. With the outstanding support of new investors and partners, and advanced mobile-first capabilities in Aviva Singlife, we will continue building on our customer-centric approach and bring quality savings and protection products to Singapore and beyond.”
de Oude added: “This deal was made possible with deep collaboration and commitment between all our partners to see a new breed of financial services emerge in a unique and challenging time. We hope to be an example for other entities that are determined to bring positive change to their industries, undeterred by the circumstances.”
