Insurance firm FWD Group Holdings Ltd announced that it would buy a majority stake in Malaysian insurer Gibraltar BSN Life Bhd for an undisclosed price, expanding its presence in Malaysia's full-service insurance business. The Asia-focused insurer has been in Malaysia since 2019 as a provider of takaful, or Islamic insurance, products. It said it is acquiring a 70% stake in Gibraltar BSN with other investors, who were not named. FWD said the stake is being sold by The Prudential Insurance Company of America, a unit of US-based Prudential Financial Inc. Malaysia's Bank Simpanan Nasional would continue to hold the remaining 30% stake in Gibraltar BSN. The deal is expected to close in the second quarter. The expansion comes after FWD updated its Hong Kong initial public offering (IPO) prospectus.
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