Aviva today (13 September) announced that it has agreed to sell its 25.9% stake in Singapore Life Holdings together with two debt instruments, to Sumitomo Life Insurance Company for total consideration of £0.8bn (SGD 1.4bn) payable in cash at closing. In the statement, the UK headquartered international life company said Sumitomo Life will pay consideration of £0.5 billion (SGD 0.9 billion) for Aviva's equity stake and £0.3bn (SGD 0.5bn) for the two debt instruments. Sumitomo Life is currently a 23.2% shareholder in Singlife and sees Singapore as a key market within its overall Southe...
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