Major British insurer Prudential and Singapore-based United Overseas Bank (UOB) have renewed their strategic distribution alliance across several Southeast Asian markets.
The new bancassurance agreement extends the alliance, which began in 2010, until 2034. It also expands to a new market – Vietnam – in addition to Singapore, Malaysia, Indonesia, and Thailand.
Under the agreement, which is worth SG$1.15 billion, Prudential’s insurance products will be distributed through UOB’s network of over 400 branches in five markets, targeting more than four million of the bank’s customers. Prudential will also harness its digital capabilities to help develop UOB’s digital banking expansion and customer acquisition efforts.
“We believe that our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region,” UOB chief executive and deputy chairman Wee Ee Cheong said in a statement. “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.”
“[The partnership] demonstrates our commitment to fulfilling the evolving savings and protection needs of consumers,” said Mike Wells, group CEO of Prudential. “We believe there is a significant opportunity for future growth in Southeast Asia and the renewal reflects our commitment to using our capabilities to benefit our customers and shareholders.”