Gibraltar BSN Life Berhad is a Malaysian
life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...
company. It is a
joint venture between U.S.-based
Prudential Financial Inc. (PFI) and
Bank Simpanan Nasional (BSN).
The company was formerly known as Uni.Asia Life Assurance and was a joint venture between
United Overseas Bank and
DRB-HICOM. Uni.Asia Life itself was the successor to EON CMG Life Assurance Berhad from 2003. Uni.Asia Life was sold to PFI and BSN in 2014 for RM518 million.
PFI and BSN hold 70 and 30 percent stakes in the company respectively.
(A 69 percent stake in UOB and DRB-HICOM's
general insurance JV, Uni.Asia General Insurance, was sold separately to
Liberty Mutual for RM374 million.)
PFI is an asset management and life insurance provider in the U.S. with US$1.2 trillion of
assets under management in June 2015. It was attracted to the venture due to opportunities for growth stemming from the low life insurance penetration rate in Malaysia.
BSN is a statutory body under the Ministry of Finance responsible for encouraging savings and financial management among Malaysians, with retail deposits of RM12 billion in 2013.
The company's name is derived from PFI's logo which incorporates an image of the
Rock of Gibraltar
The Rock of Gibraltar (from the Arabic name Jabel-al-Tariq) is a monolithic limestone promontory located in the British territory of Gibraltar, near the southwestern tip of Europe on the Iberian Peninsula, and near the entrance to the Mediterr ...
. Its stated expansion plan is to offer easy-to-understand products, target the semi-rural and rural population, and leverage on BSN's eight million-strong customer base.
It had an 800-strong
agency
Agency may refer to:
Organizations
* Institution, governmental or others
** Advertising agency or marketing agency, a service business dedicated to creating, planning and handling advertising for its clients
** Employment agency, a business that ...
force in April 2014.
BSN also has a takaful JV with
Prudential plc of the UK,
Prudential BSN Takaful Berhad.
PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.
References
External links
* {{Official website , http://www.gibraltarbsn.com/
Insurance companies of Malaysia
Companies based in Kuala Lumpur
Financial services companies established in 2014
Prudential Financial
2014 establishments in Malaysia
Privately held companies of Malaysia