FWD Group Completes Investment With 70% Stake In FWD Takaful

FWD Group Holdings Limited today announced the completion of an additional investment for a further 21 percent stake in FWD Takaful Berhad making it now the majority shareholder with a 70 percent holding. The remaining 30 percent is held by the Employees Provident Fund, while JAB Capital Berhad is no longer a shareholder after the transaction.

“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,” said Binayak Dutta, Managing Director of FWD Group.

Malaysia is the fourth largest life insurance market by premium in Southeast Asia Insurance penetration is less than five percent alongside highly attractive macroeconomic fundamentals and favourable demographics.

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

In 2023, the group created a full-service offering in Malaysia, with both family takaful and life insurance solutions with its establishment of FWD Insurance Berhad. This followed the completion of the company’s investment, together with other investors, in the business formerly known as Gibraltar BSN, on 3 April 2023.

The Southeast Asia region is strategically important for the 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.

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