Sumitomo Life to Buy TPG’s Singlife Stake For $1.2 Billion

Sumitomo Life Insurance Co. agreed to buy TPG Inc.’s stake in Singapore Life Holdings Pte as the Japanese insurer seeks to bolster its presence in Southeast Asia.

Sumitomo Life will pay S$1.6 billion ($1.2 billion) to purchase the roughly 35.5% stake held by the US buyout firm in the Singapore insurer known as Singlife, it said in a statement Friday, which confirmed an earlier Bloomberg News report. The Japanese insurer also plans to acquire all the remaining shares from other Singlife shareholders under the same terms, making it a wholly-owned subsidiary of the firm.

The deal values Singlife ...