Singlife Acquisition, Valuation, Funding & Investors
Singlife was acquired by Sumitomo Life Insurance Company for $3.4B in December 2023, a 1.3x multiple on $2.7B of revenue.
Singlife acquisition price
$3.4B
Acquired by Sumitomo Life Insurance Company · Dec 2023
Singlife revenue at acquisition
$2.7B
Last twelve months · Dec 2023
Singlife revenue multiple at acquisition
1.3x
EV/Revenue · Dec 2023
Cumulative funding Singlife raised
$314M
across 6 funding rounds
About Singlife
Singlife is a Singapore-headquartered digital insurer offering life protection, savings plans, and investment-linked policies through its mobile app. It provides universal life products for high-net-worth individuals and retail term life, critical illness coverage accessible via advisors or online. Singlife integrates InsurTech for instant claims processing and personalized underwriting.
Founded
2014
HQ
SingaporeWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Subscription
Revenue
$2.7B (Dec 2023)
Valuation
$2.7B (Nov 2023)
Singlife Acquisition
Singlife was acquired by Sumitomo Life Insurance Company for $3.4B on 22 December 2023.
The acquisition price implies a 1.3x revenue multiple on $2.7B of revenue.
Before the acquisition Singlife had raised $314M across 6 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 22 Dec 2023 | Strategic M&A | $3.4B | 1.3x |
Singlife Valuation
Singlife is currently valued at $2.7B, based on its strategic investment round in November 2023.
The $134M round was led by Sumitomo Life Insurance Company.
Singlife's valuation has grown 7.6x from $358M at its strategic investment round in July 2019 to $2.7B in November 2023, across 3 priced rounds.
Singlife valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2023 | Strategic investment | $2.7B |
| Sep 2023 | Secondary | $4.6B |
| Jul 2019 | Strategic investment | $358M |
Singlife Funding History
Singlife has raised a total of $314M across 6 funding rounds, plus 1 secondary share sale.
Singlife's first fundraising round was a $50M Series A in April 2017. The most recent completed round was a $134M strategic investment round in November 2023.
Singlife funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Strategic investment | Sumitomo Life Insurance Company (lead) | $134M | $2.7B | Singlife, a Singapore-based digital life insurer founded in 2014, received a full acquisition offer from Sumitomo Life Insurance Company in December 2023, valuing the company at $4.6 billion. This followed Sumitomo's prior investments, including a stake increase to 27% via a S$180 million capital injection shortly before, and a September 2023 purchase of Aviva's stake for approximately $660.8 million. The December deal involved buying TPG's 35.48-35.5% stake for S$1.6 billion (about $1.21 billion USD), with plans to acquire remaining minority shares, making Singlife a wholly owned subsidiary pending regulatory approvals in Japan and Singapore, expected to complete in Q1 2024. Singlife ranked among Singapore's top six insurers by total assets of $14.4 billion as of December 31, 2022, serving as the exclusive insurer for key government schemes like those for the Ministry of Defence and Ministry of Home Affairs. The insurer has expanded its digital-enabled business with diverse products and sales channels, aligning with Sumitomo's Southeast Asia growth strategy to bolster international earnings. The acquisition marked one of Southeast Asia's largest insurance deals, topping APAC insurance M&A charts for 2023 amid a regional decline in deal volume. Transactions completed as planned, integrating Singlife fully under Sumitomo by early 2024. |
| Sep 2023 | Secondary | Sumitomo Life Insurance Company (lead) | $610M | $4.6B | Singlife is a Singapore-based digital life insurer founded in 2014, ranking among the top six insurers in Singapore with total assets of $14.4 billion as of December 31, 2022. Sumitomo Life Insurance Company, which first invested in 2019, announced on September 13, 2023, the acquisition of Aviva's equity stake for an estimated $660.8 million, increasing its ownership. This partial transaction followed prior investments, including approximately JPY 25 billion in 2020 for a 20.8% stake and additional stakes in 2023 raising it to 23.2%. In December 2023, Sumitomo Life offered to fully acquire Singlife, valuing the company at $4.6 billion, by purchasing TPG's 35% stake for $1.6 billion and minority shares. The full takeover, part of Sumitomo Life's Southeast Asia expansion strategy, received regulatory approvals and closed, making Singlife a wholly owned subsidiary expected in Q1 2024. |
| Jul 2019 | Strategic investment | Sumitomo Life Insurance Company (lead) | $90M | $358M | Singlife, also referred to as Singapore Life, is a Singapore-based fintech startup focused on life insurance and wealth management, offering a mobile-first platform for users to purchase integrated financial products like life, critical illness, and disability policies. Founded in 2014, it acquired Zurich Life Singapore's portfolio at the start of 2018, covering about S$6 billion in policies. In July 2019, Sumitomo Life Insurance Company invested US$90 million for approximately 25% stake, bringing Singlife's post-money valuation to US$358 million and total funding to US$153 million. The round followed prior investments including US$50 million from Michael Spencer in December 2018 (increasing his stake to over 60%), US$20 million from Aflac, US$13 million from Aberdeen Standard Investments earlier in 2019, and a 2017 Series A of US$50 million led by IPGL and Impact Capital Holdings. Sumitomo's investment, equivalent to about JPY10 billion, supported Singlife's expansion of mobile-first ambitions in Southeast Asia's growing life insurance market. Sumitomo Life, a major Japanese insurer, viewed the stake (25.11%) as strategic for regional growth. Subsequent developments include Sumitomo increasing its stake over time, culminating in full ownership acquisition in 2025 at S$4.6 billion (about $3.4 billion USD), after buying out investors like TPG's 35% share, while Singlife retained its branding, leadership, and operations. |
| May 2019 | Series A | Ion Pacific (lead) | $7M | - | Singlife, a Singapore-based insurtech company offering mobile savings and protection products, received a US$7.3 million investment from Ion Pacific in early 2019, with participation from existing shareholders Aflac and Standard Life Aberdeen. This round provided Ion Pacific exposure to Southeast Asia's fast-growing insurance market. By that time, Singlife had raised over US$90 million in external funding since starting operations in 2017 and had acquired Zurich Life’s consumer base in Singapore, managing significant life insurance coverage. Singlife, founded in 2014 by Walter de Oude, focused on digital insurance platforms to reach consumers at lower costs in underserved segments across Singapore, Thailand, Malaysia, Indonesia, Vietnam, and the Philippines. The company diversified into payments by acquiring Canvas and launching a prepaid Visa card for parental controls. Ion Pacific's investment aligned with its strategy to support innovation in key regions like Southeast Asia. |
| Jan 2019 | Series A | abrdn Asia-Pacific Income (lead) | $13M | - | - |
| Dec 2018 | Series B | Aflac Global Ventures (lead) | $20M | - | Singlife, then known as Singapore Life Pte. Ltd., is a digitally-focused life insurance company based in Singapore, the first local independent life insurer fully licensed by the Monetary Authority of Singapore since 1970. On December 31, 2018, Aflac Incorporated announced a $20 million minority equity investment in Singlife, led by Aflac Global Ventures, alongside a planned reinsurance agreement on certain protection products by Aflac's subsidiary American Family Life Assurance Company of Columbus. This strategic move aimed to leverage Aflac's expertise in voluntary health and life insurance while exploring Southeast Asian growth opportunities with limited capital risk. Prior to the investment, Singlife had acquired Zurich Life Singapore's business portfolio, achieving more than SGD 6.6 billion in life insurance coverage, demonstrating a strong capital base and governance. The company offered a range of financial services, including cancer insurance and supplemental medical policies, positioning it as a key player in Singapore's insurtech space backed by investors like Sumitomo Life Insurance Company, Aberdeen Standard Investments, Aflac, and IPGL. |
| Apr 2017 | Series A | Impact Capital Holdings (lead); Caber Partners; IPGL | $50M | - | Singlife, founded in 2014 by Walter de Oude as an insurtech startup, became the first local insurer licensed by the Monetary Authority of Singapore (MAS) since 1970 in 2017. The company focused on digitally-enabled insurance products targeting self-executing customers, those preferring independent financial advisors, and high-net-worth individuals for protection and legacy planning. Products included life insurance, health coverage, temporary and permanent disability riders in SGD and USD, and universal life policies distributed through channels like JLT Private Solutions and private banks. In 2017, Singlife's public disclosure statement confirmed compliance with Singapore Financial Reporting Standards, with capital adequacy ratios above requirements as of December 31, 2017, and no claim payments or unpaid claims recorded that year. Singlife later expanded with acquisitions like Zurich Life's portfolio in 2018 and merged with Aviva Singapore in 2022 to form a major homegrown financial services player. Singlife grew into a comprehensive provider of life, health, general insurance, investments, employee benefits, and advisory services, leveraging an open-architecture model and digital platforms like the Singlife App. |
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Who has invested in Singlife?
7 investors have backed Singlife across its funding rounds, including Sumitomo Life Insurance Company, Aflac Global Ventures, IPGL, Ion Pacific, abrdn Asia-Pacific Income and Impact Capital Holdings.
Lead investors include Sumitomo Life Insurance Company, Ion Pacific, abrdn Asia-Pacific Income, Aflac Global Ventures and Impact Capital Holdings.
Singlife Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Osaka | 3 | Lead | Jul 2019 | |
| Singapore | 1 | Participant | Apr 2017 | |
 Hong Kong | 1 | Lead | May 2019 | |
 London | 1 | Participant | Apr 2017 | |
| Aberdeen | 1 | Lead | Jan 2019 | |
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Start Free TrialAcquisitions by Singlife
Singlife has acquired 2 companies to date.
Last acquisition by Singlife was on September 11th 2020. Singlife acquired Aviva Singapore for $2.4B.
Latest Acquisitions by Singlife
| Description | Aviva Singapore is the Singapore arm of global insurer Aviva plc that delivers Medisave-approved Integrated Shield plans alongside supplementary health, life, savings, and protection policies. Singapore-headquartered, it caters to individual and corporate clients with products like personal accident coverage and critical illness plans. | GoCanvas is a Reston, Virginia-headquartered mobile forms and operations platform founded in 2008. It enables field service teams to digitize inspections, work orders, signatures, and data collection on iOS and Android devices. Acquired by Nemetschek Group in 2019, GoCanvas serves construction, oil and gas, and service industries across 70 countries with templates for compliance and dispatching. The app provides offline functionality, GPS stamping, and real-time dashboards, replacing paper processes for over 50,000 businesses worldwide. |
| HQ Country | |  |
| HQ City | Singapore | Reston, VA |
| Deal Date | 11 Sep 2020 | 18 Feb 2019 |
| Valuation | $2.4B | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Investments by Singlife
Singlife has invested in 2 companies to date.
Latest investment by Singlife was on April 2nd 2024. Singlife invested in Singlife Philippines in their $11M Strategic investment round.
Latest Investments by Singlife
| Description | Singlife Philippines is a digital insurance provider offering life, health, and protection products through mobile apps and online platforms. Manila-operating Singlife Philippines partners with banks and e-commerce sites to distribute microinsurance, term life policies, and critical illness coverage. The company leverages telemedicine integrations and instant claims processing for underserved markets in the archipelago. | Railsr is a London-headquartered embedded finance platform enabling banks and corporations to offer digital banking services. It provides APIs for ledger creation, account linking, payments, currency conversion, card issuance, and credit management. The company powers programs for clients like Solarisbank and operates in the UK, EU, and Brazil. |
| HQ Country |  | |
| HQ City | Manila | London |
| Deal Date | 2 Apr 2024 | 4 Sep 2019 |
| Round | Strategic investment | Series A |
| Raised | $11M | $10M |
| Investors | - | Moneta VC; CE Innovation Capital; Firestartr; Clocktower Technology Ventures; Outrun Ventures |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Singlife Competitors
Singlife competitors include listed companies like Lemonade, Clover Health and Ethos Insurance, and private ones like Root Insurance, wefox and Marshmallow.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Columbus, OH | Private | $43M | $132M | $3.6B | - | |
| United States | Publicly listed | $738M | ($146M) | $3.8B | 3.5x | |
 Berlin | Private | $850M | - | $4.6B | 5.4x | |
| United States | Publicly listed | $1.9B | ($84M) | $2.4B | 0.8x | |
| United States | Publicly listed | $388M | $79M | $2.3B | 3.4x | |
| United Kingdom | Private | $500M | - | $2B | 4.0x |
Singlife Public Comps
Singlife is no longer listed, but its public comps include Star Health and Allied, Hamilton Insurance Group, New India Assurance, Qualitas, Old Mutual, Palomar Holdings, Alm Brand, National MI, Assured Guaranty and Lemonade.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.9B | $93M | 1.8x | 1.6x | 36.8x | (265.0x) | |||
| $3B | $861M | 1.0x | 0.9x | 3.5x | 4.2x | |||
| $5.3B | $144M | 0.5x | 0.5x | 17.4x | - | |||
| $4.7B | $456M | 0.7x | 0.7x | 7.5x | 14.3x | |||
| $17B | $1.6B | 0.2x | 1.0x | 1.8x | 4.6x | |||
| $876M | $263M | 4.4x | 1.6x | 14.8x | - | |||
| $2.1B | $303M | 1.8x | 2.0x | 12.5x | - | |||
| $706M | $540M | 5.1x | 5.7x | 6.6x | - | |||
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Common questions about Singlife
| When was Singlife founded? | Singlife was founded in 2014. |
| Where is Singlife headquartered? | Singlife is headquartered in Singapore, Singapore. |
| Is Singlife publicly listed? | No, Singlife was acquired by Sumitomo Life Insurance Company in December 2023. |
| Who acquired Singlife? | Singlife was acquired by Sumitomo Life Insurance Company in December 2023. |
| How much was Singlife acquired for? | Singlife was acquired for $3.4B in December 2023, a 1.3x revenue multiple. |
| What is Singlife's valuation? | Singlife was last valued at $2.7B in its strategic investment round in November 2023. |
| How much funding has Singlife raised? | Singlife has raised $314M across 6 funding rounds. |
| What was Singlife's last funding round? | Singlife's last funding round was a $134M strategic investment round in November 2023, led by Sumitomo Life Insurance Company. |
| Who are Singlife's investors? | Singlife's investors include Sumitomo Life Insurance Company, Caber Partners, Ion Pacific, IPGL, abrdn Asia-Pacific Income, Impact Capital Holdings and Aflac Global Ventures. |
| Which companies are comparable to Singlife? | Companies comparable to Singlife include Root Insurance, Lemonade, wefox, Clover Health, Ethos Insurance and Marshmallow. |
| How many companies has Singlife acquired? | Singlife has acquired 2 companies, including Aviva Singapore and GoCanvas. |
| What was the largest acquisition by Singlife? | The $2.4B acquisition of Aviva Singapore in September 2020 is the largest acquisition Singlife has made to date. |
| How many companies has Singlife invested in? | Singlife has invested in 2 companies, including Singlife Philippines and Railsr. |
| What was Singlife's last investment? | In April 2024, Singlife invested in Singlife Philippines' $11M strategic investment round. |
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