Aberdeen Standard Investments makes $13m investment in digital insurance company Singapore Life

Asset management firm Aberdeen Standard Investments (ASI) has announced it will invest $13m (£10.1m) in digital insurance company Singapore Life.

The minority equity investment will build on ASI’s existing strategic relationship with the company beyond the management of its fiduciary assets.

Singapore Life is the first fully digital insurer in Singapore, and aims to become a leader in its field in the South East Asia region.

Aberdeen Standard Investments co-chief executive Martin Gilbert said: “As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator.

“Singapore Life exemplifies an innovator in providing customers with better financial solutions through advanced technology – this is a truly exciting opportunity for us to expand our strategic relationship with such a fast-growing digital life insurance provider and be part of its growth journey.”

Singapore Life chief executive Walter de Oude said: “We are excited to have Aberdeen Standard Investments as a strategic investor.

“ASI is a leader in insurance asset management who brings not only strong investment expertise and brand credibility, but also deep insight into the challenges facing insurers and their clients globally.

“We look forward to working together as we grow our footprint in Singapore and beyond, and deliver on digital first journeys to customers via cutting edge technology.”