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FWD to buy majority stake in Malaysian life insurer Gibraltar BSN ahead of planned Hong Kong IPO

  • FWD and a group of investors will buy a 70 per cent stake in Gibraltar BSN Life from a subsidiary of New York-listed Prudential Financial
  • FWD’s foray into the Malaysian life insurance market is part of the company’s long-term strategy to expand across Southeast Asia

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FWD Group is owned by Hong Kong billionaire Richard Li. Photo: Shutterstock
Bloomberg
FWD Group Holdings, the pan-Asian insurance company owned by Hong Kong billionaire Richard Li Tzar-kai, has agreed to buy a majority stake in Gibraltar BSN Life, a move that allows it to tap into the Southeast Asian market’s growth potential ahead of FWD’s planned initial public offering.
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FWD, along with a group of investors, will buy a 70 per cent stake in Gibraltar BSN from a subsidiary of New York-listed Prudential Financial, according to a statement on Monday.

The transaction will allow FWD to make a foray into the Malaysian life insurance market. Bank Simpanan Nasional will continue to hold the remaining 30 per cent.

Financial terms of the transaction, which is expected to close in the second quarter, were not disclosed. FWD plans to partner with Bank Simpanan to further develop and grow Gibraltar BSN.

Richard Li (left) and his father Li Ka-shing are seen at Shantou University in July 2018. Photo: Thomas Yau
Richard Li (left) and his father Li Ka-shing are seen at Shantou University in July 2018. Photo: Thomas Yau

FWD entered Malaysia in 2019 as a provider of takaful products, including term life, critical illness, hospital cash benefit and medical protection. Malaysia is the fourth-largest life insurance market by premium in Southeast Asia, according to the statement.

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