British insurer Prudential (PRU.L) has announced an agreement to acquire an additional 19% stake in Sri Han Suria, the holding company of Prudential Assurance Malaysia. The transaction, valued at approximately 1.52 billion ringgit ($376.61 million), will increase Prudential’s ownership of its conventional life business in Malaysia to 70%. Prudential provides insurance and financial services, offering a range of products including life insurance, health insurance, and asset management. The company operates across Asia and Africa, serving millions of customers.
The purchase, conducted through Prudential Corporation Holdings, a wholly-owned subsidiary, is being made from Detik Ria. This move follows a “full and final settlement” reached in July 2023 regarding a dividend claim by Detik Ria, the minority shareholder in Sri Han Suria, resolving a long-standing dispute.
The transaction has received approval from Malaysia’s central bank, Bank Negara Malaysia, with completion expected shortly, according to Prudential. Prudential Assurance Malaysia (PAMB), combined with Prudential’s stake in the sharia business, Prudential BSN Takaful Bhd, constitutes its Malaysian life insurance operations.
“Increasing our ownership of PAMB reflects our deep commitment to Malaysia and our confidence in its future,” stated Prudential Chief Executive Anil Wadhwani. Prudential also noted that it has agreed to collaborate with Detik Ria on a potential divestment of Detik Ria’s remaining 30% stake in Sri Han Suria to mutually agreed-upon third parties, should Detik Ria decide to sell.
