FWD Group achieves majority ownership in FWD Takaful Berhad

FWD Group achieves majority ownership in FWD Takaful Berhad | Insurance Business Asia

Insurance News

FWD Group achieves majority ownership in FWD Takaful Berhad

Move reflects group’s strategic goal to expand footprint in Malaysia

Insurance News

By
Roxanne Libatique

FWD Group Holdings Limited has successfully completed an acquisition of an additional 21% share in FWD Takaful Berhad, elevating its total stake to a majority 70%.

This significant investment shift makes FWD Group the principal shareholder of FWD Takaful, reducing the Employees Provident Fund’s share to 30% and concluding JAB Capital Berhad’s involvement as a shareholder.

FWD Group expand footprint in Malaysia

FWD Group managing director Binayak Dutta expressed the company’s strategic intent to deepen its footprint in the Malaysian market, an initiative that began five years ago.

“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,” he said.

FWD Takaful currently provides an extensive array of family takaful solutions, including but not limited to, term life, critical illness, cancer coverage, and various medical and hospital cash benefit plans to the Malaysian populace.

FWD Group’s growth in Malaysia

The journey of FWD Group into Malaysia commenced in 2019 with a 49% stake acquisition in FWD Takaful and the setup of a regional tech and innovation centre in Kuala Lumpur.

2023 marked a pivotal year for FWD Group in Malaysia, with the establishment of FWD Insurance Berhad, introducing comprehensive life insurance and family takaful solutions. This expansion followed the finalisation of an investment in the company previously known as Gibraltar BSN on April 3, 2023.

FWD Group, which also recently enhanced its AI strategy, identified Southeast Asia as a strategic priority, with the region contributing significantly to its new business value.