(March 11): FWD Group Holdings Limited, the Hong Kong-based insurer founded by billionaire Richard Li, said on Monday it has raised its holdings by another 21% in FWD Takaful Bhd.

FWD is now the majority shareholder in FWD Takaful with a 70% stake, FWD said in a statement. The remaining 30% is held by Malaysia’s Employees Provident Fund while JAB Capital Bhd is no longer a shareholder after the transaction.

Financial details of the transaction were not disclosed in the statement.

“We are delighted to increase our investment in FWD Takaful, after first entering the Malaysian market five years ago,” said Binayak Dutta, Managing Director of FWD Group.

FWD Group first entered the Malaysian market in 2019, selling family takaful products with its acquisition of a 49% in FWD Takaful.

Later that year, FWD Group also established its regional technology and innovation hub in Kuala Lumpur.

FWD Takaful’s current product offerings in Malaysia include term life, critical illness, cancer, hospital cash benefit and medical protection.

Malaysia is the fourth largest life insurance market by premium in Southeast Asia while insurance penetration is less than 5%. Southeast Asia is “strategically important”, FWD Group said, with more than half of its value of new business contributed by its operations in the region.

Richard Li is the son of Hong Kong’s richest man Li Ka-shing who is also the fourth wealthiest person in Asia, according to Forbes.