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.