Sumitomo Life Sets Aside One Trillion Yen to Buy Insurers in Southeast Asia and the US

Sumitomo Life Insurance Co is considering buying companies in Southeast Asia and the US, with as much as one trillion yen set aside for investment under its mid-term plan through March 2029, its president said. The Edge Malaysia reported the plan on October 16.

Sumitomo Life's One Trillion Yen Acquisition Plan

President Yukinori Takada said in an interview in Singapore that the Japanese insurer is looking to expand and diversify its income. "In Japan, the population is shrinking and it's quite difficult to assume we can capture the growth there," he said. "We believe in diversifying and investing in growth engines."

Takada said Sumitomo Life will use its overseas units Singapore Life Holdings Pte and US-based Symetra Financial Corp to look for acquisition targets in Southeast Asia and the US. "These two regions and these two vehicles are very important to us," he said, speaking through a translator.

Within Southeast Asia, Takada said Sumitomo Life already holds minority interests in Indonesia and Vietnam and wants to expand further in Singapore as well as countries such as Thailand, Malaysia and the Philippines. "The Singapore market still has potential to grow," he said, adding that Income Insurance Ltd is one of the targets the insurer is considering. The goal is for Singlife to rank among the top three life insurers in Singapore.

In the US, Sumitomo Life would prefer companies that complement Symetra's business rather than cannibalise it, Takada said. Asked about India, he said the insurer is studying the market while mindful of regulatory and cultural hurdles there. He said he does not believe in over-aggressively growing abroad and will look for targets that are sustainable and can provide synergies to its existing businesses.

Sumitomo Life completed the acquisition of Singlife in 2024 for S$4.6 billion after getting approval from regulators in Singapore and Japan. It bought Symetra in 2016 for US$3.8 billion and delisted the company from the New York stock exchange after that. Founded in 1907 and based in Osaka, Sumitomo Life had assets totalling US$322.6 billion as of March 31, according to its latest annual report.

Singlife's Chronic Care Programme

Singlife launched its first insurer-led chronic care programme for weight management with Novo Nordisk Singapore and HMI Medical, PR Newswire APAC reported on October 15. The S$289 monthly programme offers medically guided treatment for adults with high BMI or comorbidities, accessible via telemedicine or clinics.

Sumitomo Life's Recent Moves

Sumitomo Life said in September 2026 that it will deploy an AI system for sales agents to propose tailor-made insurance products starting next fiscal year, Nikkei Asia reported. The system is expected to improve agent efficiency and help them adhere to insurance sales regulations.

In June 2026, Sumitomo Life launched a Vitality Coin Exchange programme allowing customers to convert accumulated Vitality coins into V Points for use at retail stores, Third News reported. In April 2026, the insurer announced an investment plan focused on a cautious approach to Japanese government bonds and capital gains, Reuters reported.