Singapore sling: Prudential to shell out $307M for bank’s insurance unit
Prudential Plc, Britain's second-largest insurer, agreed to buy Singapore-based United Overseas Bank's life insurance unit to help expand in Southeast Asia.
Prudential Plc, Britain’s second-largest insurer, agreed to buy Singapore-based United Overseas Bank’s life insurance unit to help expand in Southeast Asia.
Prudential will pay 428 million Singapore dollars ($307 million) for UOB Life Assurance Ltd., the company said in a statement.
UOB also agreed to sell Prudential’s life, accident and health insurance policies for 12 years at the bank’s more than 400 branches in Singapore, Indonesia and Thailand, Prudential said.
The insurer said the deal will consolidate its position in the Singapore market and increase the number of banks in Indonesia and Thailand that sell Prudential insurance policies.
Prudential has operations in 13 Asian countries and more than 40 percent of the company’s revenue comes from the region.
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