Wednesday, January 17, 2018

Insurers in Malaysia target local capital

More global insurers are expected to list on the stock exchange in Malaysia or to strike M&A deals in the country, as they aim to comply with the June 2018 deadline for foreign insurers to meet a 30% local shareholding, according to local industry experts.

The central bank, Bank Negara Malaysia, had notified foreign insurers in June of this year for the need to hike their local shareholding levels to at least 30%, as part of an initiative to lift domestic participation in the industry.

Until then, the foreign ownership limit for Malaysian insurers was agreed at 70% back in 2009.

At present, foreign players dominate Malaysia’s insurance environment, making up about 81.7% of the market share based on 2016 data.

Among the country’s key players are AIA, Great Eastern, and Prudential.

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