SINGAPORE: United Overseas Bank Ltd is reviewing its insurance business, including an existing partnership with Prudential Plc, after Southeast Asia witnessed a wave of lucrative distribution deals, people familiar with the matter said. The Singapore bank is also weighing options for its non-life business, which is run by publicly-listed United Overseas Insurance Ltd, according to the people. UOB sold its life insurance unit to Prudential for S$428mil in 2010. At the time, Prudential also entered a 12-year agreement with UOB to sell its life, accident and health insurance products through the bank’s branches in Singapore, Indonesia and Thailand. In August, UOB reported second-quarter profit that beat analysts’ estimates, surging to a record as income from lending and fee businesses jumped.
Source: The Star October 11, 2018 10:52 UTC