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UOB selling life assurance unit to focus on core banking business

United Overseas Bank (UOB) having sold off its non-core life assurance arm to UK's insurer, Prudential, UOB is set to yield a one-time gain of $85 million. Looking at UOB's current share price of over $19.92 and many brokerage houses targeting it to be around $23, is there really room for growth? To fork out almost $20,000 for UOB is a huge sum of money for me and so, better not.

The deal between UOB and Prudential is a sound one. Instead of succumbing to competitive pressures from larger life insurers, the group's alliance with Prudential in Asia offers new growth opportunities for its bancassurance business. UOB’s life insurance business was "sub-scale", making small losses in accounting terms, and needed to be either sold off or have more investment ploughed in to make it work. It is reported that the deal between UOB and Prudential is a 12-year one, allowing the former to distribute latter’s products in three Southeast Asian markets for initial 12 years.

Prudential having bought over UOB's life assurance unit, all existing UOB's policies will be under the custody of Prudential. As part of Monetary Authority of Singapore (MAS)'s guideline, all life insurers must have at least a minimum Capital Adequacy Ratio (CAR) of 120% to be considered "healthy". I believe this CAR will be abide even after the acquisition.

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ROC Training

13 Aug
I reached 高雄国际航空站 in the morning. Weather was not good and was in fact drizzling. A typhoon had just passed Taiwan. We alighted from the Eva Air plane right onto the runway where we were picked up by a shuttle bus to the arrival hall. The system could have been better if we alighted not on the runway and at a place with shelter.

We then took a bus from the airport straight to our camp, Hengchun Camp. The journey was long. It was too early a morning and so all the shops along the way were not opened. I could see mountains everywhere.

Hengchun Camp was more like an old camp to me. The camp was there for more than 30 years. The external looked average but then the internal revealed itself. More than 50 soldiers were made to live in a bunk! Fans were not enough! Toilets were at another block and so we actually had to cross to another block just to use the toilet. Toilet facilities were bad too. Some of the showers let out water that could boil an egg! Those were condemmed. The first d…