KUALA LUMPUR, Malaysia, March 11, 2024 /PRNewswire/ — FWD Group Holdings Limited ("FWD Group" or "FWD") today announced the completion of an additional investment for a further 21 percent stake in FWD Takaful Berhad ("FWD Takaful").
FWD is now the majority shareholder in FWD Takaful, 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.
FWD Takaful today offers a comprehensive family takaful product portfolio to customers in Malaysia, including term life, critical illness, cancer, hospital cash benefit and medical protection.
"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," added Binayak Dutta.
Malaysia is the fourth largest life insurance market by premium in Southeast Asia[1]. Insurance penetration[2] 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, FWD 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 FWD Group, with more than half of its value of new business[3] 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[4] basis.
[1] NMG; Swiss Re
[2] NMG
[3] For the six months ended 30 June 2023
[4] For the nine months ended 30 September 2023
About FWD Group
FWD Group is a pan-Asian life insurance business with more than 11 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information, please visit www.fwd.com
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