Moody’s reviews Singlife for upgrade

Moody's Investors Service said it placed Singapore Life Holdings Pte. Ltd.'s ratings on review for upgrade, including its Baa2 issuer and Baa3 subordinated notes ratings.

Previously, the outlook on Singlife Holdings was stable.

The review was prompted by the Dec. 22 announcement that Sumitomo Life Insurance Co., rated A1 by Moody’s, would purchase all shares of Singlife Holdings held by TPG and offer to buy up the shares of all other remaining shareholders, the agency said.

If the offers are accepted, Sumitomo Life will own 100% of Singlife Holdings. The transactions are likely to be completed in the first quarter of 2024 and are subject to regulatory approvals in Japan and Singapore.

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