Primary tabs

UOB said to review insurance deal with Prudential

Bloomberg Published on Thu, Oct 11, 2018 / 11:36 PM GMT+8

A-

A+

(Oct 11): United Overseas Bank 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.

UOB has been soliciting ideas from potential advisers regarding its life insurance tie-up with Prudential, including ways to get more value out of the operations, said the people, who asked not to be identified because the information is private. Possibilities include renewing its agreement with the London-based insurer, which started in 2010, or looking for another partner, the people said.

The Singapore bank is also weighing options for its non-life business, which is run by publicly-listed United Overseas Insurance, according to the people. UOB’s deliberations are at an early stage, and no adviser has been appointed yet, the people said.