Prudential plc will increase its ownership of Prudential Assurance Malaysia Berhad (PAMB) to 70%, signalling a deepening commitment to one of Southeast Asia’s key insurance markets.
In a media release, the insurer said it will pay RM 1.52bn (approximately US$375m) to acquire a further 19% stake in Sri Han Suria Sdn. Bhd., the holding company for PAMB. The deal has already received regulatory approval.
“Prudential has served Malaysian families for over a century, building a trusted life and health insurance business that supports the nation’s long-term protection and savings needs,” Chief Executive Officer Anil Wadhwani said. “Increasing our ownership of PAMB reflects our deep commitment to Malaysia and our confidence in its future,” he added.
PAMB operates Prudential’s conventional life insurance business in Malaysia. Prudential’s Malaysian combined life insurance segment also comprises its stake in sharia-compliant Prudential BSN Takaful Berhad.
“We remain focused on delivering our strategy, supported by our highly disciplined capital allocation framework, ensuring we continue to create long-term value for our customers and communities across Malaysia,” Wadhwani added.
