HK’s Ion Pacific completes $7.3m investment in Singapore Life

Ion Pacific
Ion Pacific team

Ion Pacific, the Hong Kong-based investment manager focused on providing creative capital solutions to the innovation ecosystem, has completed a $7.3 million investment in Singapore Life, a technology-enabled life insurance company in Singapore.

Ion Pacific, in partnership with Singapore Life’s founder and CEO, made the investment as part of series of transactions alongside Singapore Life’s original shareholders.

The investment gives Ion Pacific exposure to Southeast Asia’s life insurance market, the fastest growing in the world, via a disruptive, fully digital life insurance and technology business that is both profitable and rapidly growing.

The firm joins prominent global strategic investors, including Aflac and Standard Life Aberdeen in this round of funding.

“We are very excited to become investors in Singapore Life, a truly unique asset in Southeast Asia, a key focus region for Ion Pacific,” said Kristaps Ronis, Principal at Ion Pacific.

Ronis adds that Ion Pacific continues to support exceptional businesses and strong founding teams as a part of its mandate to provide creative financing solutions to the global innovation economy.

Singapore Life has been in operation since 2017 and was founded in 2014 by Walter de Oude, with the aim of using technology to provide a better life insurance experience to its clients.

It has created a fully digital platform with tech-enabled underwriting for instantaneous approval, and was the first local independent life insurance company to be licensed by the Monetary Authority of Singapore since 1970.

“Every entrepreneurial business needs the support of equity partners that are 100 per cent supportive of and aligned with the business and its founders interests. Ion Pacific has proved to be just that,” said Walter de Oude, Singapore Life’s Founder and CEO.

Since its inception, Singapore Life has demonstrated exponential growth and market recognition. In 2017, it acquired Zurich Life’s life assurance business in Singapore, taking over all the policies of Zurich Life’s Singapore customers with over $4.5 billion of coverage.

In Dec 2018 and Jan 2019, Aflac and Standard Life Aberdeen invested a total of $33 million equity capital into Singapore Life at a valuation of over $200 million. As a top-3 global private wealth hub with strong market tailwinds, Singapore is a growth engine for the insurance industry.

Southeast Asia’s life premium market is estimated to grow 7.1% p.a. from 2016 to 2025. –