Singapore's United Overseas Bank Ltd (UOB) will receive a fee of S$1.15bil (RM3.49bil) under a 15-year deal with Prudential Group to distribute the latter's life insurance products.UOB said on Thursday it had signed an agreement to renew its strategic regional bancassurance arrangement with Prudential.
“A fee of S$1.15bil will be paid that will be accrued over the life of the bancassurance arrangement,” it said in a statement issued from Singapore.
UOB Group will distribute the Prudential Group's life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
“The bancassurance arrangement leverages UOB Group’s regional franchise, its omnichannel network and Prudential’s product capabilities to offer protection and wealth solutions to meet the fast-growing and changing needs of consumers across these markets,” it said.
UOB deputy chairman and group CEO Wee Ee Cheong said the renewed agreement reflects the long-term approach and success of this partnership since 2010.
“UOB is focused on creating financial solutions in the best interests of customers and which are essential to their lifestyles and life stages. We believe that our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region and reinforces our position as the premier Asean bank,” he said.
Wee said UOB looked forward to working together with Prudential to continue developing unique and innovative insurance solutions for Asia’s burgeoning affluent population and its increasing number of mobile-first and mobile-only consumers.
Prudential group chief executive Mike Wells said the insurer had built a highly effective bancassurance partnership with UOB which had driven double-digit annual sales and new business profit growth since 2010.
“The extended partnership provides UOB’s growing customer base with continued access to Prudential’s market-leading and innovative product suite, and demonstrates our commitment to fulfilling the evolving savings and protection needs of consumers,” he said.
UOB Group will distribute the Prudential Group's life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
UOB deputy chairman and group CEO Wee Ee Cheong said the renewed agreement reflects the long-term approach and success of this partnership since 2010.
“UOB is focused on creating financial solutions in the best interests of customers and which are essential to their lifestyles and life stages. We believe that our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region and reinforces our position as the premier Asean bank,” he said.
Wee said UOB looked forward to working together with Prudential to continue developing unique and innovative insurance solutions for Asia’s burgeoning affluent population and its increasing number of mobile-first and mobile-only consumers.
Prudential group chief executive Mike Wells said the insurer had built a highly effective bancassurance partnership with UOB which had driven double-digit annual sales and new business profit growth since 2010.
“The extended partnership provides UOB’s growing customer base with continued access to Prudential’s market-leading and innovative product suite, and demonstrates our commitment to fulfilling the evolving savings and protection needs of consumers,” he said.
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