uoblifeUOB is selling it’s life insurance unit via an auction to divest it’s non-core business with Prudential and Manulife among the suitors. Without a strong distribution arm like Great Eastern for OCBC, UOB Life Insurance has been a minor player in the multi-billion dollar industry. What’s the impact on the industry?

This means one less insurer for Financial Advisory firms who rely on a breadth of products to complete their suite of products. A quick check with some financial planners from these companies reveal that nnot many UOB products are not on the highly recommended lists. Information reveals that UOB Life’s competitive products are in the Mortgage Insurance and Single Premium Endowment plans (especially guaranteed interest types). The life insurer’s Life funds investments are also not amongst the best in the industry. You can say that their departure will not be missed.

To existing policy holders, they will be unaffected, just like when Keppel Insurance was bought by HSBC Insurance. The new insurer will honor the rights of the policy owners.

What about other insurers? Is there going to be any consolidation?

The next smallest life insurer in terms of local assets is HSBC Insurance, coincidently also the “non-core” arm of a bank.  The advantage is that HSBC has their own distribution arm. As to whether HSBC sees the insurance unit as a potential growth sector remains to be answered.



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