Manila, Philippines – Singlife Philippines announced receiving an additional ₱300 million to strengthen its capital base and sustain the growth of its digital-led life insurance business.
Existing shareholders Aviva Singlife, Di-Firm, and Aboitiz Equity Ventures subscribed to all the shares made available for investment, as they are confident in the company’s potential to become a significant industry player following its successful launch. Their vote of confidence furthers Singlife Philippines’ drive to put customers in control of their finances with tools and solutions that fit their needs, their budget, and are always on hand.
Singlife Philippines introduced its first protection product, Cash for Dengue Costs with free COVID-19 cover in October 2020. Customers bought their policies via GInsure on the GCash app, paying as low as ₱300 per year for a coverage of up to ₱421,500. A free 3-month version of the product was also offered to eligible Globe customers, resulting in Singlife insuring well over 100,000 lives against unforeseen Dengue and COVID-19 costs.
The success of Cash for Dengue Costs was soon followed by the launch of its income protection suite, with a choice between Cash for Income Loss and the lower priced Cash for Income Loss (Accidents Only). In the coming months, Singlife Philippines will launch Cash for Medical Costs, Cash for Later, and its direct-to-customer platform called the Singlife Plan & Protect app to continue its strong growth momentum.
“Everyone should have the opportunity to take control of their finances – to be able to save for big funding goals and be protected from the financial burdens that follow a severe medical condition or sudden loss of income,” said Rien Hermans, CEO of Singlife Philippines. “This new investment enables the execution of our business plan, with the development and delivery of a next-level user experience in savings and protection to unlock the potential of money for everyone.”
# # #
About Singlife Philippines
Singlife Philippines is a majority-owned subsidiary of Aviva Singlife Holdings (65%) with partners Di-Firm (20%) and Aboitiz Equity Ventures (15%). The company offers innovative tools & solutions to unlock the potential of money for everyone, helping people be in control of how they save and get protected with just their mobile phone. Visit www.singlife.com.ph for more information.
About Aviva Singlife Holdings
Singapore Life completed its merger with major life insurance player, Aviva Singapore end of 2020. The combined business of the entities is valued at S$3.2 billion, the deal marks one of the largest in the insurance sector in Southeast Asia.
The merger will bring Singlife’s mobile-first savings and protection solutions to Aviva’s 1.5 million strong customer base, while being able to offer existing Singlife customers a significantly deeper product range and advisory capabilities. Visit www.singlife.com for more information.
Di-Firm is a Singapore-based private holding company. It is made up of entrepreneurs across a wide spectrum of verticals such as telecommunications, financial services, IT, retail, F&B, real estate, property management and utilities, along with subject matter experts in personal finance.
About Aboitiz Equity Ventures Inc.
Aboitiz Equity Ventures Inc. (AEV) is the public holding company of the Aboitiz Group with major investments in power, banking and financial services, food, infrastructure, and real estate. Today, AEV is recognized as one of the best-managed companies in the Philippines and in the region, consistently cited for its commitment to good corporate governance and corporate social responsibility. With five generations of Aboitiz Group business success behind it, AEV continues to drive change for a better world by advancing business and communities.