Singlife Philippines is looking at further expanding its capital base and capture a larger market for its digital-led life insurance business as it raised new investments amounting to P300 million (or around $6 million in today’s exchange rate).
“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.”
Existing shareholders Aviva Singlife, Di-Firm, and Aboitiz Equity Ventures subscribed to all the shares made available for investment.
In October 2020, Singlife Philippines launched its first protection product, Cash for Dengue Costs with free COVID-19 cover in partnership with e-wallet GCash.
Wanting to keep the momentum going, the digital insurer introduced its income protection suite, with a choice between Cash for Income Loss and the lower priced Cash for Income Loss (Accidents Only). Singlife Philippines will soon launch Cash for Medical Costs, Cash for Later, and its direct-to-customer platform called the Singlife Plan & Protect app.