MNRB Holdings Bhd is once again considering the sale of its takaful insurance operations, according to sources familiar with the matter, reigniting interest among both foreign players and local institutions.
The company’s two takaful subsidiaries—Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd—are wholly owned by MNRB, but it remains unclear whether the group intends to sell the businesses in full or retain a minority stake. When approached for any statement regarding the matter, MNRB said it “is not providing any comments,” as reported by The Edge Malaysia.
Among the names being linked to the potential acquisition are Allianz Malaysia Bhd and Bank Rakyat Bhd, the latter of which currently offers family takaful products through a collaboration with Syarikat Takaful Malaysia Keluarga Bhd. There is also market speculation that Allianz may seek to partner a fund linked to MNRB to structure a deal, although plans are said to be at an early stage.
MNRB, which is the parent company of Malaysian Re and is 54% owned by Permodalan Nasional Bhd, has not confirmed any discussions.
For the financial year ended 31 March 2024, the group reported a record RM433.54m (US$98.76m) in net profits on RM3.51 billion in revenue, with the reinsurance segment contributing RM388.4m to the bottom line.
The takaful business, by contrast, generated a combined profit before tax of RM64.4m from RM1.33bn in revenue during the first nine months of FY2025. Notably, profit from the family takaful segment dropped nearly 60% year-on-year.
