Multinational insurance company FWD Group announced that it has completed the transaction to snap up a majority stake in Gibraltar BSN Life, marking its official entry into the Malaysian life insurance market.

First announced in February 2023, the deal will see FWD Group and other unnamed investors to jointly hold a 70% stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America.

The government-owned Bank Simpanan Nasional (BSN) will continue to hold the remaining 30% stake ownership in Gibraltar BSN.

Through this partnership, FWD Group can now provide a full-service offering in Malaysia, which it first entered in March 2019, spanning both life insurance and family takaful products.