Prudential plc said on Thursday it has agreed to increase its ownership in Prudential Assurance Malaysia Berhad (PAMB) to 70% by acquiring an additional 19% stake for approximately $375 million.

The acquisition will be made through Prudential Corporation Holdings Limited (PCHL), a wholly-owned subsidiary of Prudential, which signed an agreement to purchase the additional stake in Sri Han Suria Sdn. Bhd. (SHS), the holding company that owns PAMB.

PCHL will acquire the 19% stake from Detik Ria Sdn. Bhd. (DR) for RM 1.52 billion (approximately $375 million). The transaction has received approval from Bank Negara Malaysia and is expected to be completed shortly.

Following the completion, PCHL has agreed to cooperate with DR regarding the potential divestment of DR’s remaining 30% shareholding in SHS to one or more agreed third parties, should DR decide to sell.

Prudential CEO Anil Wadhwani said: “Prudential has served Malaysian families for over a century, building a trusted life and health insurance business that supports the nation’s long-term protection and savings needs. Increasing our ownership of PAMB reflects our deep commitment to Malaysia and our confidence in its future.”

Based on unaudited financial results for the six months ended June 30, 2025, the transaction would be accretive to Prudential Group’s IFRS earnings per share, traditional embedded value, and IFRS shareholders’ equity per share.

Prudential will continue to consolidate PAMB as an indirect subsidiary for accounting purposes. The proportion of profit after tax and equity attributed to non-controlling interests will reflect the reduction in DR’s interest from 49% to 30%.