life insurer: Singapore is Southeast Asia's largest life insurance market with annual gross premiums of 22 billion in 2017, Sumitomo said in a statement, according to The Japan Times. Singapore Life offers term insurance, universal life, critical illness and endowment plans. Sumitomo Life completed the transaction to become a major shareholder last Friday, spokesman Akira Sasaki told NNA on Monday, adding that the major life insurer will have a director on the Singapore Life board. ; Singapore Life began operations in 2017, becoming the first home-grown life insurer to be fully licensed since 1970. Sumitomo noted the Singaporean market has expanded about 8 percent annually for the last 10 years and projects it will grow by about 5 percent every year for the next decade. Singapore Life said Sumitomo Life's newly acquired stake follows investment by other major investors, including Aberdeen Standard Investments, Aflac Inc. and investment fund IPGL Holdings Ltd. The Japanese firm aims to utilize Singapore Life's digital technology to bring synergies to its own sales in Japan and abroad.
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