FWD Group Holdings Ltd, a Hong Kong-based insurance company, has acquired a 70% stake in Gibraltar BSN Life Bhd from The Prudential Insurance Company of America. The remaining 30% stake will be held by Bank Simpanan Nasional (BSN) who will also collaborate with FWD Group to further develop and grow Gibraltar BSN.

Life insurance companies in Malaysia are facing increased competition and challenges from an aging population and declining birthrate. With these headwinds, it is likely that smaller insurance companies will continue to be acquired by larger players in the industry.