United Overseas Bank Ltd. is reviewing its life insurance tie-up with Prudential PLC as it aims to get more value out of its insurance operations, Bloomberg News reported, citing people familiar with the matter.

The Singapore lender could potentially renew its agreement with the London-based insurer or find another partner, according to the report. The 12-year agreement covers the sale of Prudential's life, accident and health insurance products through the lender's branches in Singapore, Indonesia and Thailand.

United Overseas Bank is also reviewing its nonlife business, which is run by United Overseas Insurance Ltd., the news outlet reported. The lender has not yet appointed any adviser as deliberations are still at an early stage.

The lender's review of its insurance operations comes amid several lucrative bancassurance deals in South Asia, including Standard Chartered PLC's 15-year Asia agreement with insurer Allianz SE.

Representatives for the lender did not immediately respond to Bloomberg's requests for comment. A Hong Kong-based spokeswoman for Prudential declined to comment.