AEV, Singlife partner for life insurance

MANILA, Philippines — Aboitiz Equity Ventures Inc. (AEV) has partnered with Singapore Life Private Limited (Singlife) to establish a new digital life insurance company in the Philippines.

Singlife Philippines, the joint venture company, will be majority owned by Singlife, which seeks to provide insurance and financial products to Filipino.

It would be 65 percent owned by Singlife with partners Di-Firm owning 20 percent and AEV 15 percent.

Singlife will offer its fintech expertise in digitalizing life insurance.

The Philippine Insurance Commission said despite the growth of the life insurance market in the country in the past five years, the penetration of individual life insurance is still low at around six percent of the insurable market.

This is expected to increase to 12 to 18 percent in the medium-term, said Singlife Philippines.

The joint venture also hopes to hitch a ride on Filipinos’ preference for online and mobile services.

“For this new generation of mobile-first consumers already booking rides and purchasing everyday goods online, Singlife Philippines believes it can also fulfill their financial planning needs through a mobile app,” Singlife Philippines said.

Singlife will soon offer its services in the country with a vision  to unlock the potential of money for everyone by offering innovative financial solutions that help people manage, grow and protect their money distributed according to their preferences.

The joint venture partners behind Singlife Philippines are key players in their respective industries.