Sumitomo Life acquires 100% of CVC investee company PREVENT
Sumitomo Life Insurance acquired 100% of the shares of PREVENT, and PREVENT has become a consolidated subsidiary of the Sumitomo Life Group.
PREVENT has been a Sumitomo Life partner in the WaaS (Well-being as a Service) ecosystem since the investment from Sumitomo Life’s CVC fund (operated by SBI Investment) and creation of a business alliance in 2021, through joint development of services for local governments and provision of additional services for group insurance, etc.
In the process of considering further development of the cooperation, in addition to PREVENT’s expertise and technological capabilities in the healthcare field, the parties agreed that expanding the healthcare business as a group by also utilizing the resources of the Sumitomo Life Group would be the best choice, and therefore decided to make PREVENT a part of Sumitomo Life Group.
This is the first case for Sumitomo Life of a startup company in which investment and business alliance from the CVC fund led to joining the group, and the group will continue to promote co-creation of businesses that contribute to expanding the WaaS ecosystem through investments in promising startup companies in the future.
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