This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Prudential Financial, Inc. And Bank Simpanan Nasional Reach Agreement To Purchase Uni.Asia Life Assurance Berhad

Prudential Financial, Inc., which does business as Pramerica in selected countries outside the U.S., and Bank Simpanan Nasional (“BSN”) today announced they have reached agreement for Prudential’s U.S. insurance company, The Prudential Insurance Company of America (“PICA”), and BSN to purchase 100 percent of Uni.Asia Life Assurance Berhad’s (“UAL”) issued and paid-up ordinary share capital (“UAL Shares”) from Uni.Asia Capital Sdn Bhd (“UAC”). UAC is a joint venture company 51 percent and 49 percent owned by DRB-HICOM Berhad’s wholly owned subsidiary Gadek (Malaysia) Berhad and United Overseas Bank (Malaysia) Bhd, respectively. PICA and BSN have submitted a request for approval of the proposed transaction to Bank Negara Malaysia, the life insurance regulator in Malaysia. Under the proposed transaction terms, PICA and BSN will pay total cash consideration of Malaysian Ringgit (RM) 518 million (approximately $160 million) for the UAL Shares. Through a newly formed joint venture, PICA would hold 70 percent of the UAL Shares, and BSN would hold the remaining 30 percent of the UAL Shares. The proposed acquisition is expected to close by the end of 2013.

Upon and subject to the completion of the proposed transaction, UAL will sign a strategic, long-term bancassurance agreement with BSN to distribute its conventional life insurance products through BSN’s banking network in Malaysia. BSN is one of Malaysia’s largest banks with 397 branches, 3,593 Registered Banking Agents (Ejen Bank Berdaftar (EBB)) 8.22 million customers, and total assets in excess of RM 26.82 billion, as of March 2013. UAL also has a strategic distribution alliance for conventional life insurance products with Pos Malaysia Berhad (“POS Malaysia”), the exclusive provider of mail services in Malaysia. POS has an extensive retail network of more than 1,000 physical outlets nationwide.

UAL is a mid-sized life insurer in Malaysia with a stable and scalable platform, as well as branches in major towns across the country. The company primarily distributes its products through agencies serving affluent and emerging affluent individuals and families, as well as through Bancassurance and Posassurance serving the mass market.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs