The Hong Kong-based insurer said this with the completion of an additional investment of a 21% stake in FWD Takaful.

With the transaction, it said JAB Capital Bhd is no longer a shareholder, while EPF holds the remaining 30%.

“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,” said FWD Group managing director Binayak Dutta in a statement.

FWD Group first entered the Malaysian market in 2019 as a provider of family takaful products with its acquisition of a 49% interest in FWD Takaful.

In 2023, FWD Group created a full-service offering in Malaysia, with both family takaful and life insurance solutions with its establishment of FWD Insurance Bhd.

This followed the completion of the company’s investment, together with other investors, in the business formerly known as Gibraltar BSN, on April 3, 2023.

“The Southeast Asia region is strategically important for the FWD Group, with more than half of its value of new business contributed by its operations in the region,” it said.