SINGAPORE (July 1): Homegrown insurer Singapore Life has secured a US$90 million ($121.8 million) investment from Sumitomo Life Insurance Company, one of the largest life insurers in Japan.

Under the agreement, Sumitomo Life is acquiring 25% stake in Singapore Life.

Singapore Life says the investment will help accelerate its mobile-first ambitions and support its expansion plans in offering connected, insurance-led financial services for users.

The group with then be able to address the inconvenience consumers face having to use multiple providers and platforms to access their financial services, and make it easier for them to make financial decisions.

With the latest investment, Sumitomo Life joins Singapore Life's other core investors Aberdeen Standard Investments, Aflac Incorporated and IPGL (Holdings).

It also brings Singapore Life’s total funding to date to a total of US$153 million.

Walter de Oude, founder and CEO of Singapore Life, says, “Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs. Now with the backing of Sumitomo Life in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone.”