FWD Group Deepens Malaysian Roots with 70% FWD Takaful Ownership
by Fintech News Malaysia March 11, 2024Multinational insurance company FWD Group has expanded its investment in Malaysia by acquiring an additional 21 percent stake in FWD Takaful, securing a 70 percent majority share.
With this latest investment, the remaining 30 percent is held by Employees Provident Fund while JAB Capital Berhad exits as a shareholder.
FWD Takaful, known for its extensive family takaful offerings including term life, critical illness, cancer, hospital cash benefit, and medical protection, has strengthened its position in Malaysia’s life insurance market.
The group first ventured into Malaysia in 2019, purchasing a 49 percent interest in FWD Takaful. That same year, it established a regional technology and innovation hub in Kuala Lumpur aimed at enhancing technology use and fostering innovation within the company.
In 2023, FWD Group expanded its services in Malaysia, launching FWD Insurance Berhad and offering both family takaful and life insurance solutions. This move followed its acquisition of the business formerly known as Gibraltar BSN in April 2023.
With over half of its new business value originating from Southeast Asia, FWD Group emphasises the region’s strategic importance.
Binayak Dutta
“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.
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,”
said Binayak Dutta, Managing Director of FWD Group.
