aboutfinancialplanning.net

  • Increase font size
  • Default font size
  • Decrease font size
Home

UOB Life Sold to Prudential, 07 Jan 2010

Thursday, 07 January 2010 08:00 Ginny Lim
E-mail Print PDF

United Overseas Bank (UOB) announced on 6 Jan 2010 that it has sold its life insurance unit, UOB Life, to British Insurer, Prudential, for $428 million. UOB will instead concentrate on its core banking business. UOB will record a one-time gain of $85 million in FY2010. However, upon completion, UOB, UOB Buana and UOB Thai will enter into a bancassurance agreement to distribute life, accident and health insurance products of the Prudential Group for at least 12 years.

The exising 70,000 UOB Life policies held by 50,000 policyholders will hence be handed over to Prudential’s management.

Last Updated on Thursday, 17 June 2010 14:45  

Main Menu



Popular

Newsflash

NTUC Income pay out $415.5m bonus to policyholders , 30 Apr 2010

Insurer NTUC Income are pleased to declare an additional special anniversary bonus to complement your annual bonus. As well as a cash bonus1 for our long-standing policyholders.

Once again, NTUC Income has resolutely published thier yields for one reason – to be transparent.

 Actual Yield: Endowment

Policy Term For males & females, entry age: 25 years old, S$100 monthly premium2
Maturing in 2010 Average Maturity Yield (2006 - 2010)
20 5.47% 5.88%
25 5.95% 6.03%
30 5.90% 5.92%


Actual Yield: Whole Life

Gender Entry age: 30 years old with Sum Assured of S$50,000
At age 55 in 2010 Average Yield (2006 - 2010)
Male 4.72% 4.72%
Female 5.41% 5.41%

1 This cash bonus is paid out on your oldest policy, which must have been in force for at least 10 years as at 31 December 2009. If you are residing overseas, or if the policy has been placed under a trust or is under the care of the Official Assignee, this cash bonus will be credited to your policy to offset future premium payments; or if no premiums are payable, the cash bonus will be paid out when the policy matures, is surrendered or if a claim is made. This cash bonus is not included in the calculations for actual yield.

2 Yields are calculated based on annual premium equivalent to S$100 monthly. Yield calculations are audited by Towers Watson. Actual yields may not be indicative of future policy yields.
Read more...