“Malaysia is a very attractive market, with long-term growth potential, low life insurance penetration and a well-developed regulatory environment,” said Timothy Feige, senior vice president and International Insurance group executive for Prudential. “This transaction is aligned with our strategy to build upon our success in Japan, Korea and Taiwan, and expand our footprint in the growth markets of Asia through our regional office in Singapore, led by Jan van den Berg.”Jan van den Berg, president of Prudential’s Asia region (excluding Japan), said, “In BSN, we have found a strong partner with an excellent reputation, a broad distribution platform and valuable insight into the local market. We are excited to join with them to acquire UAL, a strong company with a proud history, a well-respected management team and a growing customer base.” “This is an important investment for BSN in an industry and market that offer strong potential for growth,” said Datuk Adinan Maning, Chief Executive Officer of BSN. “We are pleased with the opportunity to partner with a global leader in life insurance and an emerging company in Malaysia’s growing insurance industry. The combination of our respective expertise has the potential to give UAL a unique advantage in the marketplace.” In addition to leveraging the branch and point-of-sale networks of UAL’s distribution partners, Prudential and BSN will, upon and subject to the completion of the proposed transaction, work together with UAL to develop a high-quality agency sales force based on Prudential’s highly successful Life Planner® model focused on needs-based selling, and explore alternative channels to help meet the insurance needs of customers in the urban and semi-urban centers and rural areas of Malaysia. By drawing on UAL’s strengths and combining them with Prudential’s global capabilities in insurance and retirement, and BSN’s local distribution network and knowledge, UAL will be able to broaden its range of products to deliver even more value to customers across Malaysia.
About Prudential Financial, Inc. (PFI)Prudential Financial, Inc. (NYSE: PRU) is a financial services leader with more than $1 trillion of assets under management as of June 30, 2013, and operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. In the U.S., the company’s Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. Prudential and its subsidiaries, including PICA, are not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom. Pramerica is a trade name used by PFI and its affiliates in selected countries outside the United States. For more information about PFI, please visit http://www.prudential.com. About Bank Simpanan Nasional (BSN) BSN, a statutory body under the Ministry of Finance, was established on December 1, 1974. Since its inception, all the duties and responsibilities under the Post Office Savings Bank were taken over by BSN. The bank’s mission is to encourage savings, investment and smart financial management among Malaysians to improve the well-being and quality of life. BSN has more than 6,000 employees, 397 branches, 982 automated teller machines (ATMs), 255 cash deposit machines (CDM) across the country and 3,593 Registered Banking Agents (Ejen Bank Berdaftar (EBB)), as of March 2013, across the country. BSN has over 8 million customers across Malaysia with retail deposits amounting to RM 10.4 billion. BSN has undertaken major initiatives through the process of transformation to ensure it remains competitive. It will continue to improve services and expand its range of products to customers. BSN’s products includes Personal Loans, Home Loans, Micro Finance Loans, Premium Saving Certificates, Islamic Banking Scheme, Giro Savings Accounts, Debit Card BSNMatrix and BSN Matrix-i MEPS, VISA and Mastercard credit cards. BSN also provides financial planning services that include medical, insurance and will writing. For more information about BSN, visit the website at www.mybsn.com.my.