Prudential to raise stake in Malaysian conventional life insurance business

Prudential (2378) will increase its stake in Prudential Assurance Malaysia Berhad to 70 percent following the acquisition of additional shares in Sri Han Suria Sdn. Bhd.

The insurer announced on Thursday it will purchase an additional 19 percent stake of SHS, the holding company of PAMB, for RM 1.52 billion (HK$2.90 billion).

Upon completion of this transaction, Prudential will hold an aggregate stake of 70 percent in SHS.

PAMB is Prudential's conventional life insurance business in Malaysia which together with its interest in the sharia business of Prudential BSN Takaful Berhad are reported collectively as Prudential's Malaysian life insurance segment.  

"Increasing our ownership of PAMB reflects our deep commitment to Malaysia and our confidence in its future," said chief executive Anil Wadhwani.