Japanese insurer Mitsui Sumitomo
Insurance Company (MSI) is to gain entry into Malaysia’s life
insurance market and expand its presence in the country’s general
insurance market through a deal with Malaysian conglomerate Hong
Leong Financial Group (HLFG).
Under the terms of the deal, MSI is to acquire
a 30% stake in HLFG’s life insurance business for MYR940m ($290m).
HLFG’s life insurance business is the sixth-largest in Malaysia
based on premium income.
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On the general insurance side of the deal, MSI
and HLFG will merge their respective business in which MSI will
have a 70% stake and HLFG a 30% stake. The merged entity will be
the second-largest general insurer in Malaysia based on premium
income.
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