The Sumitomo and Aflac-backed digital insurance and savings product provider has merged with Aviva Singapore to form a business valued above $2.3bn.

Singapore Life (Singlife), the Singapore-based digital insurance provider backed by conglomerate Sumitomo and insurance firm Aflac, agreed on Friday to merge with insurance group Aviva‚Äôs Singaporean subsidiary. Aviva will take a 25% stake in the business in addition to S$2bn ($1.46bn) in cash and marketable securities and $183m in vendor finance notes for the sale…

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