Cgnu has formed a ten-year bancassurance partnership with South-East Asian bank DBS Group Holdings for £27m, with further amounts payable if DBS meets certain performance criteria.

As part of the deal, CGNU will acquire 100% of The Insurance Corporation of Singapore (ICS), DBS's life and general insurance subsidiary for £125m.

The total consideration of £152m will be paid in cash.

DBS will also receive a dividend of £20m prior to completion.

The partnership will give CGNU exclusive access to DBS's Singapore four million customer base.

Products will be distributed through DBS branches, ATMs, direct marketing and telesales channels.