KUALA LUMPUR: FWD Group Holdings Ltd has become the majority shareholder of FWD Takaful, holding a 70 per cent stake.
The remaining 30 percent is held by the Employees Provident Fund (EPF), while JAB Capital Bhd 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," FWD Group managing director Binayak Dutta said.
Binayak added that FWD Group has created a full-service offering to provide both family takaful and life insurance solutions, in line with its continued commitment to develop in Malaysia.
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.
Malaysia is the fourth largest life insurance market by premium in Southeast Asia.
Insurance penetration is less than five per cent 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 per cent 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 Bhd.
This followed the completion of the company's investment, together with other investors, in the business formerly known as Gibraltar BSN, on April 3, 2023.