United Overseas Bank Limited (UOB) has signed an agreement to renew its strategic regional bancassurance arrangement with the Prudential Group for 15 years.
In a press release issued on Friday, the company said a fee of S$1.15 billion (Bt36.7 billion) will be paid that will be accrued over the life of the agreement.
Under the arrangement, the UOB Group will distribute the Prudential Group's life insurance products to its customers in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
The company said the agreement leverages UOB Group’s regional franchise, its omnichannel network and Prudential’s product capabilities to offer protection and wealth solutions to meet the needs of consumers across these markets.
Wee Ee Cheong, Deputy Chairman and Group Chief Executive Officer of UOB, said the renewed agreement reflects the long-term approach and success of this partnership since 2010.
Cheong said: “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.
“We look 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.”
Eddie Khoo, Managing Director and Head of Group Retail, UOB, said: “UOB has extensive presence and deep local experience across the region. With these, we know what most suits the needs and preferences of our growing consumer banking customer base.
“Through this collaboration, we will bring our combined product and digital capabilities to help customers achieve their financial goals and aspirations."