Sumitomo Life to Buy Singapore Insurer in S$4.6 Billion Deal

SINGAPORE—Sumitomo Life Insurance has agreed to buy Singapore Life Holdings in a deal that will value the homegrown insurer at 4.6 billion Singapore dollars (US$3.47 billion).

Under the deal, the Japanese company will pay S$1.6 billion for asset manager TPG’s 35.48% stake in Singlife. It will also offer to acquire the remaining shares it doesn’t already own in the Singapore insurer.