FWD Group becomes majority stakeholder of FWD Takaful Berhad

FWD Group Holdings Limited, an Asian insurance company, has completed an additional investment for a further 21% stake in FWD Takaful Berhad, making it the majority shareholder with a 70% holding.

The remaining 30% is held by the Employees Provident Fund, while JAB Capital Berhad is no longer a shareholder after the transaction.

Binayak Dutta, Managing Director of FWD Group, commented, “We are delighted to increase our investment in FWD Takaful, after first entering the Malaysian market five years ago. Our commitment to changing the way people feel about takaful in Malaysia is all about building our presence in the local community over the long term.”

FWD Takaful offers a comprehensive family takaful product portfolio to customers in Malaysia with verticles like term life, critical illness, cancer, hospital cash benefits and medical protection.

FWD Group first entered the Malaysian market in 2019 as a provider of family takaful products with its acquisition of a 49% interest in FWD Takaful. Later that year, FWD Group established its regional technology and innovation hub in Kuala Lumpur, with a focus on delivering technology and supporting innovation across the whole company.

Malaysia is the fourth largest life insurance market by premium in Southeast Asia, with insurance penetration of less than 5% alongside highly attractive macroeconomic fundamentals and favourable demographics.

In 2023, FWD Group created a full-service offering in Malaysia, with both family takaful and life insurance solutions with its establishment of FWD Insurance Berhad. Post this the company completed investment with other investors, in the business formerly known as Gibraltar BSN, on 3rd April 2023.

The Southeast Asia region is strategically important for FWD Group, with more than half of its value of new business contributed by its operations in the region.

FWD Group is a top five insurer and top bancassurer within its Southeast Asia markets, on an annual premium equivalent basis.

Dutta concluded, “With the continued commitment of FWD Group over the years to its development in Malaysia, we’ve created a full-service offering to provide both family takaful and life insurance solutions in a rapidly growing market with long-term potential.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.