Hong Kong-headquartered FWD Group has agreed to take a majority stake in Malaysian insurer Gibraltar BSN Life.
FWD has signed an agreement for it and other investors to hold a 70 percent stake in Gibraltar BSN Life, according to an announcement.
The stake was sold by a Prudential-owned subsidiary, The Prudential Insurance Company of America. Bank Simpanan Nasional (BSN) will continue to hold the remaining 30 percent stake in Gibraltar BSN.
The transaction is expected to close in the second quarter of 2023.
Full-Service Offering
FWD first entered the Malaysian market in March 2019 as a provider of family takaful products – a sharia-compliant alternative to conventional insurance – including term life, critical illness, cancer, hospital cash benefit and medical protection.
«We’re creating a full-service offering in Malaysia and will be able to offer both family takaful and life insurance solutions in a rapidly growing market with huge long-term potential for growth. We’re excited to bring our digitally-enabled products and services to more people in Malaysia,» said FWD Group CEO Huynh Thanh Phong.
FWD plans to rebrand the Gibraltar BSN business at a later date.
