Prudential Financial (PFI) and Bank Simpanan Nasional (BSN), through a new joint venture, have acquired 100% shares of Uni.Asia Life Assurance (UAL) from Uni.Asia Capital.
As per the previously announced terms of the deal, The Prudential Insurance Company of America (PICA), a unit of PFI, and BSN paid a total cash consideration of MYR518m ($158m) for the UAL shares.
Go deeper with GlobalData
PICA owns 70% of the UAL share capital, while BSN holds the remaining 30%.
The latest transaction will enable UAL to develop customized solutions for BSN’s customers and develop a more integrated bancassurance platform.
Following the deal, UAL will continue to sell its products through Pos Malaysia, the exclusive provider of mail services in Malaysia, through its 1,000 retail outlets.
PFI Asia region (excluding Japan) president Jan van den Berg said that the company is pleased to enter Malaysia with BSN, Malaysia’s premier savings institution with a strong bancassurance distribution channel throughout the nation, as its partner.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"We look forward to working with them to develop more needs-based solutions that help drive greater insurance penetration across BSN’s customer base and transform BSN into one of Malaysia’s leading conventional bancassurance providers," Berg added.
