Japanese insurer Tokio Marine has invested US$5 million for a minority stake in Singapore-based insurtech startup Igloo, according to a regulatory filing.
The investment gives Tokio Marine a 1.65% stake in Igloo, formerly Axinan, confirming a report by DealStreetAsia.
Filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show that the insurer acquired 493,984 shares at US$10.12 each. The investment adds Tokio Marine to Igloo’s cap table alongside Openspace Ventures, Cathay Innovations, Blue Orchard and FinnFund.
Sources previously told DealStreetAsia that Tokio Marine views Indonesia as a priority market. The insurer is seeking to scale its retail insurance business in the country.
The group already has a presence in Indonesia’s property and general insurance segment. It is now shifting its focus towards technology-led and embedded insurance, working with digital-native partners.
In September, reports said Tokio Marine anchored an extension round of Indonesian insurtech PasarPolis, estimated at around US$5 million.
Its involvement underscores growing Japanese institutional interest in Indonesia’s fintech and insurtech sectors.
Igloo operates across eight Southeast Asian markets and says it has facilitated more than 600 million insurance policies.
Its most recent fundraising in December 2023 raised over US$26 million, bringing total equity funding to US$79.19 million since its launch in 2016.
The company has expanded into climate resilience insurance, offering embedded, data-driven protection against risks such as floods, fires and extreme weather.
It has also formed a joint venture with Thailand’s JMT Network Service to launch a fully digital insurer. The company plans to replicate this model in Indonesia and the Philippines.
Regulatory filings show that Igloo’s net loss widened by 11% to US$21.8 million in 2024, up from US$19.66 million in 2023. Losses increased despite strong revenue growth driven by its third-party administration (TPA) business.
Revenue rose 49% to US$55.46 million from a restated US$37.14 million. The increase was supported by a near threefold rise in TPA revenue to US$39.72 million.
The company expects to reach breakeven by early next year.
Igloo competes with PasarPolis, Qoala and Singlife in the region.
Featured image credit: Edited by Fintech News Hong Kong, based on image by lekhawattana via Freepik
