Singlife Philippines secures P600 million funding to fuel innovation and growth - BusinessWorld Online

Source: BusinessWorld

MANILA, Philippines -- Singlife Philippines, a leading digital insurer, is pleased to announce that it has secured P600 million in funding from its parent and majority shareholder, Singapore Life Holdings Pte. Ltd. (Singlife or the Group). The capital injection is set to further support the company's growth and innovation, particularly in the digital technology sphere.

Singlife Group recently became a wholly owned subsidiary of Sumitomo Life Insurance Company (Sumitomo Life). The Group is key to Sumitomo Life's regional plans and has set its sights to become an integrated omni channel financial services firm in the region with a focus on customer centricity.

"This funding underscores the strong confidence Singlife and other shareholders have in the vast potential of the Philippines market as well as Singlife Philippines' focus on technological innovation, to disrupt how insurance is experienced and delivered," Richard Vargo, chairman of Singlife Philippines, said.

He added, "This is in line with our larger group's mission in pushing boundaries in the digital insurtech space."

"This milestone propels and expands our capacity to introduce more cutting-edge digital insurance solutions, such as embedded and bundled insurance and enhancing our platform with AI capabilities. It's a launchpad for aggressive market expansion and forging new strategic partnerships" Sherie Ng, executive director of Singlife Philippines, said.

She added, "We are one step closer to our mission to democratise financial protection. With this support, we're geared to continue our transformative journey, enriching customer value and driving sector-wide innovation and growth."

The P600 million capital injection will fuel investments in: