Prudential Financial Inc. (PFI) and Bank Simpanan Nasional (BSN) have purchased Uni.Asia Life Assurance Berhad’s (UAL) issued and paid-up ordinary share capital from Uni.Asia Capital Sdn Bhd (UAC) through a joint venture.
Prudential said that, under previously announced transaction terms, Prudential Insurance Co. of America (PFI’s subsidiary) and BSN paid a total cash consideration of about $160 million for the UAL shares. The Prudential Insurance Co. of America holds 70 percent of the UAL shares, while BSN holds the remaining 30 percent.
With the closing of the agreement, UAL will have the opportunity to develop customized solutions for BSN’s customers and develop an integrated bancassurance platform that uses BSN’s distribution network and customer base, Prudential said. UAL will continue to sell its products through Pos Malaysia Berhad (POS Malaysia), the provider of mail services in Malaysia, through its 1,000 retail outlets.
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