Life insurance company Singapore Life has received a $13m investment from Aberdeen Standard Investments.
This deal comes just weeks after Singapore Life bagged a $20m minority investment from US-based insurer Aflac Incorporated.
To date, the InsurTech has raised $97m in equity, and it hopes this new wave of funds will aid its expansion plans for Southeast Asia. Aside from international growth, Singapore Life is also looking to launch new business technology ventures across 2019.
The investment from Aberdeen Standard, which sees the insurer become a minority shareholder, will extend an existing partnership between the two players. Its new strategic relationship will see Aberdeen Standard extend beyond the management of Singapore Life fiduciary assets and begin to aid its long-term growth.
Singapore Life is a Monetary Authority of Singapore licensed life insurance company which offers policies both digitally and physically. The InsurTech offers various insurance policies as well as various wealth management tools, including independent financial advisers.
Aberdeen Standard Investments head of Asia Pacific Hugh Young said, ?As a long-term investor, we see great potential in Singapore Life to continue disrupting the traditional insurance market and building market share.
?Leveraging our strong heritage in Singapore and the breadth of our investment expertise located across the South East Asian markets, we are committed to building on our relationship and exploring new opportunities to bring our asset management expertise to a broader client base in the region.p>
Singapore Life raised $50m for its Series A in 2017, which saw Impact Capital inject $21.3m to the round for a 33.8 per cent stake.
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