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Uni.Asia Assurance Renamed Gibraltar BSN Life - Company Offers Refreshing Approach To Life Insurance in Malaysia

29 Apr 2014

KUALA LUMPUR, April 29, 2014 – Uni.Asia Life Assurance Berhad (UAL) today announced that it has changed its name to Gibraltar BSN Life Berhad (Gibraltar BSN Life), reflecting its new ownership structure and commitment to bring ‘a refreshing approach to life insurance’ to the Malaysian market.

The new brand was introduced with the new tagline, affirming Gibraltar BSN Life’s commitment to enhancing the value of life insurance products and quality of service available to families across Malaysia. The company’s new logo, featuring the distinctive Rock of Gibraltar, reflects Gibraltar BSN Life’s connection to Prudential Financial, Inc. (PFI) of the U.S., which together with Bank Simpanan Nasional (BSN), acquired the company in January of this year. For more than 100 years, the Rock® icon has symbolized PFI’s strength, stability, expertise, innovation and commitment to keeping its promises to customers.

One of the world’s largest financial institutions with more than $1.1 trillion in assets under management as of December 31, 2013, PFI operates in more than 20 countries around the world. In Asia, PFI has managed successful life insurance companies for more than

25 years, and its Gibraltar and other brands are well-known in Japan. The company also operates wholly owned life insurance businesses in Korea and Taiwan, as well as life insurance joint ventures in China and India.

Gibraltar BSN Life will now be able to draw on PFI’s global capabilities and BSN’s local expertise and broad distribution network to strengthen its presence across Malaysia and deliver a broader array of innovative products and services to meet consumers’ evolving needs. With the goal of distinguishing itself as “different and better,” Gibraltar BSN Life plans to simplify the customer experience in a holistic manner across the full spectrum of its market segments, offering greater accessibility to its products and services through its three main distribution channels – agencies, Bancassurance and PosAssurance across Malaysia.

Gibraltar BSN customers will experience a more straightforward approach to the purchase of life insurance, aimed at addressing their personal needs with minimal complexities. For example, customers in BSN branches will be able to choose from three clear product choices, experience a straightforward 20-minute buying process that features simpler underwriting, and plain language in all brochures and communications. Over time, customers at both BSN and POS branches will be able to choose from a tailored array of products and services with the ability to apply on-line, and experience an easier claims process.

Mr Vincent Kwo Shih Kang, Chief Executive Officer, Gibraltar BSN Life, said, “We are excited to launch the next chapter of our company with the unveiling of our new brand Gibraltar BSN Life. With the full support of our new shareholders, PFI and BSN, we have begun building an even stronger foundation for providing a broad array of protection products that meet the growing life insurance needs of Malaysians. In select BSN branches, Gibraltar BSN Life has already kicked off an Insurance Specialist pilot programme aimed at simplifying the process for purchasing life insurance. The pilot has been well-received by our customers, and we look forward to delivering even greater value to policyholders through innovative products and services in the years to come.”

Datuk Adinan Maning, Chief Executive Officer of BSN, said, “Our primary goal is to enhance the range of offerings we provide to our customers in our branches and enhance our ability to reach consumers beyond our bank branches. Today, Gibraltar BSN Life can capitalise on our network spanning across Malaysia and begin to reach new market segments. We look forward to working closely with PFI and the team at Gibraltar BSN to grow the business over the long term.”

Mr Jan van den Berg, President of PFI’s Asia region outside of Japan, commented, “We are delighted to announce the new name of our joint venture in Malaysia, marking rapid progress in a little over three months since we finalized our agreement with BSN to enter the market. Today, UAL branches across Malaysia are undergoing a physical transformation to be aligned with the new brand identity. Going forward, Gibraltar BSN Life will be able to draw on PFI’s global capabilities, BSN’s local expertise and its broad distribution network to strengthen the company’s presence across the nation.”

PFI holds a 70% stake in Gibraltar BSN Life through its subsidiary, The Prudential Insurance Company of America, while BSN holds the remaining 30%. In addition to BSN branches, Gibraltar BSN Life’s products are distributed through agencies serving affluent and emerging affluent individuals and families, as well as the mass market through Posassurance via Pos Malaysia Berhad.