Life Insurance: FWD Group Makes Investment in Gibraltar BSN Enabling a Full-Service Offering in Malaysia

FWD Group Holdings Limited recently completed its majority investment, with other investors, in Gibraltar BSN Life Berhad, “marking its entry into the Malaysian life insurance market.”

The transaction was originally “announced on 20 February 2023.”

As a result, FWD Group can now “provide a full-service offering in Malaysia, which it first entered in March 2019, spanning both life insurance and family takaful products.”

Last month, FWD Group announced it has “refiled the Form A1 Main Board listing application with The Stock Exchange of Hong Kong Limited (HKEx).”

A copy of the Application Proof will be available on the HKEx’s website.

As clarified in the update, the securities referred to herein “may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.”

In February 2023, FWD Group announced updates and additional information, “including full year 2022 results for FWD Group, within announcements made today to the Hong Kong Exchange (HKEx) in relation to their respective listed notes and perpetual securities.”

As detailed in the filing, FWD Group continued “to deliver strong organic growth in 2022, with value of new business of US$823 million, up 29 percent compared to 2021.”

The company “reported an 83 percent increase in its 2022 segmental adjusted operating profit before tax which reached US$334 million.”

Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said:

 “FWD once again posted strong financial results despite the ongoing COVID-19 headwinds in 2022. This reflects the trust our customers place in us and the commitment of our people, partners and distributors across the region. We’ve emerged from the pandemic as a stronger company, protecting more people with our digitally-enabled platform.”

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