US$2.4bn Aviva Singlife deal is finally completed
The agreement in September 2020, which saw the creation of a new entity (Aviva Singlife Holdings) to manage both parties’ assets in the interim, involved Singlife purchasing a controlling share of Aviva Singapore. The new company is named Aviva Singlife, with Aviva retaining a 25% equity share.
The latter company currently insures 1.5 million customers in Singapore and manages a combined total of S$11bn in assets, which will be added to SingLife’s $7bn in life insurance cover.
Combining digital, heritage and trust
Envisioned as a move that would combine “the best of Singlife’s digital capabilities with Aviva Singapore’s product history and trusted advisory services,” the deal is set to bring added savings opportunities to mobile-first customers, as well as empowering existing customers on both sides.
“We are building something truly inspirational harnessing the best of financial services for the benefit of Singaporeans and the region,” said Walter de Oude, Group CEO and Founder of Singlife.
Ray Ferguson, Singlife Chairman added, “Singlife was created with the ambition to reshape finance and help unlock the potential of money for everyone.
“COVID-19 and changing consumer demands have changed the way people think about financial services, and more than ever before want to engage in a mobile-first way for their ordinary savings and protection needs, and still get the financial advice they need, when they need it.
“By joining forces with Aviva Singapore, we are creating a homegrown regional brand that will go far beyond insurance and deliver on these ambitions by creating innovative financial products with intuitive technology and independent advice.”
A strategic realignment
In a reminiscent of one made by following the acquisition of its Central and Eastern European business by Vienna Insurance Group, Aviva CEO Amanda Blanc declared the deal to be the start of a significant portfolio realignment:
“We have achieved excellent upfront value for shareholders but have also retained an investment in a leading Singapore life business with attractive long-term growth potential. The proceeds from the sale will further strengthen our financial position and enhance our ability to meet our strategic objectives.”
Image credit: Singlife
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.