Prudential to raise stake in Malaysia life insurer holding firm to 70% for US$377 million
The logo of British life insurer Prudential is seen on their building in London, Britain on Mar 17, 2019. (Photo: Reuters/Simon Dawson)
British insurer Prudential said on Thursday (Jan 22) it had agreed to buy an additional 19 per cent stake in Sri Han Suria, the holding company that owns Prudential Assurance Malaysia, for around RM1.52 billion (US$376.61 million).
The move increases Prudential's control of its conventional life business in Malaysia to 70 per cent and comes after Prudential reached a "full and final settlement" in July 2025 over a dividend claim brought by Detik Ria, the minority shareholder in Sri Han Suria, following a long-running dispute.
The settlement was first reported by CNA last August.
Prudential said in a statement that the purchase would be made by Prudential Corporation Holdings, a wholly-owned unit, from Detik Ria.
Malaysia's central bank, Bank Negara Malaysia, has approved the transaction and completion is expected shortly, it added.
Prudential Assurance Malaysia (PAMB), together with Prudential's interest in the sharia business of Prudential BSN Takaful, make up its Malaysian life insurance business, Prudential said.
"Increasing our ownership of PAMB reflects our deep commitment to Malaysia and our confidence in its future," Prudential Chief Executive Anil Wadhwani said in the statement.
Following completion, Prudential said it had agreed to cooperate with Detik Ria over a possible divestment of Detik Ria's remaining 30 per cent stake in Sri Han Suria to one or more agreed third parties, should Detik Ria decide to sell.
