MANILA, Philippines — Digital life insurance firm Singlife Philippines has secured a P600-million capital infusion from its parent company in Singapore as it moves to grow its market presence in the country.
In a statement, Singlife Philippines said Singapore Life Holdings Pte. Ltd., its parent and majority shareholder, has injected P600 million to the local subsidiary as part of expansion and innovation strategies.
The additional funding is expected to fuel investments in its digital platform by leveraging artificial intelligence to enhance its efficiency.
It will also focus on product innovation by adding on embedded and bundled programs, as well as broadening its reach through innovative partnerships and collaborations.
Singlife chairman Richard Vargo said the firm aims to push boundaries in the digital insurance technology space.
“There is vast potential in the Philippine market as well as our focus on technological innovation to disrupt how insurance is experienced and delivered,” Vargo said.
Singlife executive director Sherie Ng, for her part, emphasized that the funding will expand the insurer’s capacity to introduce more cutting-edge digital insurance solutions.
“It’s a launchpad for aggressive market expansion and forging new strategic partnerships,” Ng said.
Singlife Philippines is a mobile-first life insurance company founded to help the middle-income class segment save and protect their financial future.