Gibraltar BSN Life Berhad is a Malaysian life insurance company. It is a joint venture between U.S.-based Prudential Financial Inc. (PFI) and Bank Simpanan Nasional (BSN).

Gibraltar BSN Life Berhad
Company typePrivate limited company
Industry
Founded2014; 10 years ago (2014)
Headquarters
Level 21, Mercu 2, No. 3, Jalan Bangsar, KL EcoCity, 59200 Kuala Lumpur
,
Malaysia
Key people
  • Y.Bhg. Dato' Haji Kamil Khalid Ariff (Chairman)
  • Rangam Bir (CEO)
Products
RevenueIncreaseRM397 million (2016)
IncreaseRM9 million (2016)
Total assetsDecreaseRM2,217 million (2016)
Total equityIncreaseRM405 million (2016)
ParentGibraltar BSN Holdings Sdn Bhd
Websitewww.gibraltarbsn.com

The company was formerly known as Uni.Asia Life Assurance and was a joint venture between United Overseas Bank and DRB-HICOM.[1] Uni.Asia Life itself was the successor to EON CMG Life Assurance Berhad from 2003.[2] Uni.Asia Life was sold to PFI and BSN in 2014 for RM518 million.[3] PFI and BSN hold 70 and 30 percent stakes in the company respectively.[4] (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.[5])

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.[6] It was attracted to the venture due to opportunities for growth stemming from the low life insurance penetration rate in Malaysia.[4] 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.[7]

The company's name is derived from PFI's logo which incorporates an image of the Rock of Gibraltar.[8] 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.[3][4] It had an 800-strong agency force in April 2014.[9]

BSN also has a takaful JV with Prudential plc of the UK, Prudential BSN Takaful Berhad.[4] PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.[citation needed]

References

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  1. ^ "UOB: Sale Of 49% Indirect Shareholding In Uni.Asia Life Assurance Berhad". United Overseas Bank Limited. 2013-08-15. Retrieved 2015-08-23.
  2. ^ "Corporate milestones". Gibraltar BSN Life Berhad. Archived from the original on 2015-09-15. Retrieved 2015-08-23.
  3. ^ a b Azli Jamil (2014-04-30). "Gibraltar BSN Life set to expand". The Malaysian Reserve. Retrieved 2015-08-23.
  4. ^ a b c d Yeong, Eva (2014-03-30). "Here comes Gibraltar BSN Life". The Sun. Retrieved 2015-08-23.
  5. ^ "Uni.Asia Capital sells 68% stake in Uni.Asia General for RM374.5m". The Sun. 2014-02-14. Retrieved 2015-08-23.
  6. ^ Karr, Robert (2015-08-18). "Prudential Financial's 2Q15 Earnings Beat Estimates". Market Realist. Retrieved 2015-08-23.
  7. ^ "About us". Gibraltar BSN Life Berhad. Archived from the original on 2015-08-17. Retrieved 2015-08-23.
  8. ^ "The Company logo". Gibraltar BSN Life Berhad. Archived from the original on 2015-08-17. Retrieved 2015-08-23.
  9. ^ "Uni.Asia Life to bank on BSN network". The Star. 2014-04-30. Retrieved 2015-08-23.
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