Britain's second-largest insurer, Prudential Plc, is all set to pay a whopping S$428 Million ($306 Million) for acquiring the Singapore unit of United Overseas Bank Ltd., a development which will let the insurer expand further across the region.

As confirmed by official reports, the buying of UOB Life Assurance Ltd will be all cash, and the deal is scheduled to complete on January 31. All details regarding the arrangement have been confirmed by the Singapore based lender.

Also, Prudential has shared that it will be entering into a 12-year agreement with the bank, selling life, accident and health insurances across UOB's 414 branches in Singapore, Indonesia and Thailand.

"Prudential have said they'd like to grow quicker in Thailand, Indonesia and the Philippines and this deal achieves that aim. It's a small transaction that will be met out of internal cash resources", said Kevin Ryan, an analyst at ING Financial Markets in London. He currently has a "hold" rating on the stock.

Prudential makes about 42% of its total revenue from Asian nations, and this purchase will help the insurer branch out further into the profitable market.