Singlife has relocated its Singapore headquarters to Marina One, consolidating several offices into a single site as it restructures its insurance and employee benefits operations in the region. The Singapore-headquartered financial services group has brought together staff from SGX Centre 2 and its subsidiaries Singlife Financial Advisers, GROW with Singlife, and PROPEL with Singlife, previously based at 51 Cuppage Road and OUE Downtown 2.
The new premises at Straits View occupy about 74,000 square feet across three floors and house more than 1,200 employees. “The move to Marina One is more than just a change of address – it marks the next phase in Singlife’s journey. As we evolve to better serve our customers, partners, and communities, the new space will enable us to collaborate more effectively, enhance productivity and deliver on our mission of providing a better way to achieve financial freedom,” said Pearlyn Phau, group chief executive officer, Singlife.
Alongside the move, Singlife has opened a customer service centre at Marina One, The Heart, on level 1. Developed with input from SG Enable, the facility is set up to serve customers with a range of accessibility requirements. The centre includes a wheelchair-accessible two-tier service counter, a dedicated consultation booth for customers with mobility issues, priority queuing for seniors, inclusive signage, and hearing assistance technology. Customers can book appointments through Singlife’s corporate website, which the company says will help manage walk-in volumes and case handling.
A “Singa the Kindness Lion” bench is also installed in the centre, referring to Aviva Singapore’s past support for the Singapore Kindness Movement’s “Kindness@Work” campaign in the 2000s. The fixture links the legacy Aviva brand with the current Singlife identity, which combines in-person service with digital touchpoints.
Singlife has linked the Marina One move to its climate and sustainability agenda. The company expects the relocation to reduce its electricity consumption by more than 95,000 kWh a year. During the fit-out, Singlife reused more than 1,400 pieces of furniture, installed energy-efficient lighting, and chose materials with a lower environmental footprint across the office. These steps are part of Singlife’s stated objective of achieving net-zero emissions by 2050, in line with Singapore’s national climate targets and regulatory guidance on climate risk management for insurers. Marina One is certified under the Leadership in Energy and Environmental Design (LEED) framework and has obtained BCA Green Mark Platinum status, providing third-party benchmarks for the building’s environmental performance.
To mark the relocation, about 150 employees walked from SGX Centre 2 to Marina One. After the walk, Singlife distributed ice cream, shio pan (salt bread), and tea to other tenants in the development, framing the event as an opportunity to engage with organisations based in the Marina Bay business district, including financial institutions and professional services firms.
Singlife’s operational consolidation occurs against a backdrop of rising insurance obligations and an expanding risk book. In its FY24 financial statements, the group reported insurance contract liabilities of S$13.6 billion as at Dec. 31, 2024, up from S$11.8 billion a year earlier. Insurance contract liabilities accounted for 85% of total liabilities in both 2023 and 2024. Insurance revenue was S$1.28 billion in 2024, compared with S$1.10 billion in 2023. Insurance service expenses rose to S$1.14 billion from S$1.03 billion, resulting in an insurance service result before reinsurance contracts held of S$144.95 million, versus S$73.25 million a year earlier. After reflecting reinsurance premiums and recoveries, the insurance service result increased to S$167.57 million in 2024, from S$97.28 million in 2023. Total investment return was S$531.06 million in 2024, down from S$591.01 million in 2023, driven by realised results and fair value movements on investments and derivatives. Net insurance finance expenses were S$512.96 million, compared with S$493.62 million a year earlier. Combining insurance and investment activities, Singlife recorded a net insurance and investment result of S$185.67 million in 2024, slightly lower than S$194.67 million in 2023.
Based in Singapore with a presence in the Philippines, Singlife offers life and health, general insurance, investment-linked products, employee benefits, and financial advisory services through an open-architecture distribution model that includes a large network of financial advisers. It is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs, and the Public Officers Group Insurance Scheme, and one of three government-approved long-term care insurance providers in Singapore. The Marina One consolidation, viewed alongside Singlife’s capital position and Sumitomo Life’s ownership, gives the group a base for further activity in Southeast Asia’s life and health insurance markets, where insurers are focusing on operating efficiency, scale, and climate-related commitments.
