Gibraltar BSN

Gibraltar BSN Life Berhad
Private limited company
Industry
Founded 2014 (2014)
Headquarters Bangunan Gibraltar BSN
16 Jalan Tun Tan Siew Sin, Kuala Lumpur, Malaysia
Key people
  • Benett Maximillian Theseira (Chairman)
  • Vincent Kwo (CEO)
Products
Revenue Decrease RM0,281 million (2014)[1]
Decrease -RM,1 million (2014)[1]
Total assets Decrease RM2,201 million (2014)[1]
Total equity Decrease RM0,403 million (2014)[1]
Parent

Gibraltar BSN Holdings Sdn Bhd[1]

Website www.gibraltarbsn.com

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).

The company was formerly known as Uni.Asia Life Assurance and was a joint venture between United Overseas Bank and DRB-HICOM.[2] Uni.Asia Life itself was the successor to EON CMG Life Assurance Berhad from 2003.[3] Uni.Asia Life was sold to PFI and BSN in 2014 for RM518 million.[4] PFI and BSN hold 70 and 30 percent stakes in the company respectively.[5] (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.[6])

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.[7] It was attracted to the venture due to opportunities for growth stemming from the low life insurance penetration rate in Malaysia.[5] 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.[8]

The company's name is derived from PFI's logo which incorporates an image of the Rock of Gibraltar.[9] 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.[4][5] It had an 800-strong agency force in April 2014.[10]

BSN also has a takaful JV with Prudential plc of the UK, Prudential BSN Takaful Berhad.[5]

References

  1. 1 2 3 4 5 Annual Report 2014 (pdf), Gibraltar BSN Life Berhad, 2014-12-31, retrieved 2015-08-23
  2. ↑ "UOB: Sale Of 49% Indirect Shareholding In Uni.Asia Life Assurance Berhad". United Overseas Bank Limited. 2013-08-15. Retrieved 2015-08-23.
  3. ↑ "Corporate milestones". Gibraltar BSN Life Berhad. Retrieved 2015-08-23.
  4. 1 2 Azli Jamil (2014-04-30). "Gibraltar BSN Life set to expand". The Malaysian Reserve. Retrieved 2015-08-23.
  5. 1 2 3 4 Yeong, Eva (2014-03-30). "Here comes Gibraltar BSN Life". The Sun. Retrieved 2015-08-23.
  6. ↑ "Uni.Asia Capital sells 68% stake in Uni.Asia General for RM374.5m". The Sun. 2014-02-14. Retrieved 2015-08-23.
  7. ↑ Karr, Robert (2015-08-18). "Prudential Financial's 2Q15 Earnings Beat Estimates". Market Realist. Retrieved 2015-08-23.
  8. ↑ "About us". Gibraltar BSN Life Berhad. Retrieved 2015-08-23.
  9. ↑ "The Company logo". Gibraltar BSN Life Berhad. Retrieved 2015-08-23.
  10. ↑ "Uni.Asia Life to bank on BSN network". The Star. 2014-04-30. Retrieved 2015-08-23.

External links

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