FWD to enter Malaysian life insurance market

Written by Adam Cadle

20/02/2023

FWD Group is to enter the Malaysian life insurance market following the signing of an agreement to invest in a majority stake in Gibraltar BSN.

FWD Group, and other investors, will together hold an effective 70% stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America, the wholly owned subsidiary of US-based NYSE-listed Prudential Financial. Bank Simpanan Nasional (BSN) will continue to hold the remaining 30% stake ownership in Gibraltar BSN. Post-completion, FWD Group will partner with BSN to further develop and grow Gibraltar BSN.

Huynh Thanh Phong, Group CEO and executive director of FWD Group, said: “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. With these strategic developments, we also substantially complete our footprint across key Southeast Asia markets in the 10th anniversary year for FWD Group. Changing the way people feel about takaful and insurance remains the vision that guides our work.”

Malaysia is the fourth largest life insurance market by premium in Southeast Asia.

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