FWD Bought Gibraltar BSN Life

Hong Kong-based FWD Group Holdings Ltd says it will enter the Malaysian life insurance market following the signing of an agreement to invest in a majority stake in Gibraltar BSN Life Bhd. The transaction was expected to close in the second quarter of this year. 

FWD said the group and other investors would together hold an effective 70 per cent stake in Gibraltar BSN. The stake was sold by The Prudential Insurance Company of America, a wholly-owned subsidiary of US-based NYSE-listed Prudential Financial Inc. Bank Simpanan Nasional (BSN) will continue to hold the remaining 30 per cent stake in Gibraltar BSN.

FWD entered the Malaysian market in March 2019 as a provider of family takaful products including term life, critical illness, cancer, hospital cash benefit and medical protection.