Prudential has entered into a partnership with Singapore’s United Overseas Bank in an effort to boost its south-east Asian business.
Through the deal, Prudential’s life insurance products will be distributed via UOB Group’s bank branches across Singapore, Indonesia and Thailand.
In addition, Prudential is to acquire UOB Life Assurance in Singapore for a cash consideration of S$428m (£192m).
Prudential group chief executive, Tidjane Thiam, said: “Our agreement with UOB enhances our presence in Asia and strengthens our leading regional platform.
“This bancassurance partnership offers us significant new profitable growth opportunities in Singapore and Indonesia, and substantially increases our scale in Thailand, a key market in the region.”
The 12-year bancassurance partnership will allow Prudential to market and distribute its investment, savings and protection insurance products through the UOB Group’s 414 bank branches across the region.
Prudential currently has life insurance and asset management operations in 13 markets in Asia, with more than 11m life customers and retail funds under management of £16.4bn at 30 June 2009. In 2008 Prudential’s business in Asia accounted for 44% of the Group’s EEV long-term operating profits.
