By P.R. Venkat

Sumitomo Life Insurance has agreed to pay 1.6 billion Singapore dollars (US$1.21 billion) to TPG for a substantial stake in a Singapore insurance company.
The Japanese insurer will acquire an initial 35.48% stake in Singapore Life Holdings and offer to buy the remaining stake, Singlife said in a filing Friday.

That would value Singlife at S$4.6 billion, making it one of the largest insurance deals in Southeast Asia, according to the statement.
The transactions are expected to be completed in the first quarter of 2024 and are subject to regulatory approvals in Japan and Singapore.
Write to P.R. Venkat at venkat.pr@wsj.com