IMPRESSIVE GROWTH
RETIREMENT Fund Inc’s (KWAP) gross income rose 42 per cent to RM9.03 billion last year, the highest since its inception in 2007, says chief executive officer Datuk Wan Kamaruzaman Wan Ahmad. Its fund size also grew 235.72 per cent to RM140.8 billion durin
Retirement Fund Inc (KWAP) chief executive officer Datuk Wan Kamaruzaman Wan Ahmad (centre) with chief operating officer Nik Ahmad Fauzan Nik Mohamed (left) and chief investment officer Nik Amlizan Mohamed at KWAP’s results announcement in Kuala Lumpur yesterday. PIC BY AIZUDDIN SAAD
KUALA LUMPUR: Retirement Fund Inc (KWAP) may consider taking up Insurance Australia Group’s (IAG) investment in Malaysia if talks to buy a stake in an American insurer’s business, here, fails.
“We are one of the institutional investors in talks with several foreign insurers seeking to pare down their local stakes to 70 per cent, as per Bank Negara Malaysia’s mandate,” said KWAP chief executive officer Datuk Wan Kamaruzaman Wan Ahmad.
“The deadline for the talks set by Bank Negara is end of this month. It is now a critical time for KWAP,” he said at a briefing, here, yesterday.
Last month, a news report highlighted that Prudential Plc was in advanced talks with KWAP to sell a minority stake in Prudential Assurance Malaysia.
“If the talks fall through, we can seek the board’s approval and Bank Negara’s permission to consider IAG’s offer,” said Wan Kamaruzaman. It was reported that IAG, Australia’s biggest general insurer by market share, is looking to sell its four Southeast Asian businesses in deals that could be valued at about US$500 million (RM1.9 billion).
IAG owns a 49 per cent stake in AmGeneral Holdings Bhd, the general insurance arm of AmBank Group.