United Overseas Bank, Singapore's number three
banking group, said today it will sell its Singapore life
insurance unit to Prudential for 428 million Singapore dollars (192
million pounds), reports Reuters.
Upon
completion of the sale, UOB will sell Prudential life and health
insurance products through its branches in Singapore, Indonesia and
Thailand, the Singapore bank said in a statement.
UOB Life Assurance (UOB Life) is a wholly-owned subsidiary of the United Overseas Bank Limited (UOB). Incorporated in Singapore on April 20, 1990, the company has a paid-up capital of about 371 million Singapore dollars and an asset size of just over 2 billion Singapore dollars of of November 2008, according to the UOB Life corporate profile posted on its website.
UOB's total assets were worth 176 billion Singapore dollars as of September 2009 compared with 182.94 billion Singapore dollars in 2008. It had customer deposits of 116.4 billion Singapore dollars and customer loans amounting to 98.3 billion Singapore dollars as of September 2009. In 2008, customer deposits totalled 118.1 billion Singapore dollars and customer loans 99.8 billion Singapore dollars.
Its total income was 4.16 billion Singapore dollars and net profit after tax 1.38 billion Singapore dollars as of September 2009. In 2008, it made a profit of 1.93 billion Singapore dollars on a total income of 5.25 billion Singapore dollars.
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