Malaysian pension giants to seek insurer deal talks

Insurance stakes: Wan Kamaruzaman said in an August interview that the fund was considering investing in foreign-owned insurers based in Malaysia and had asked banks for pitches.

KUALA LUMPUR: Malaysia’s two biggest pension funds, which manage a combined US$203bil, plan to pursue talks to buy stakes in foreign-owned insurers in the country as the government enforces caps on overseas ownership, people with knowledge of the matter said.

Employees Provident Fund and Kumpulan Wang Persaraan (Diperbadankan), known as KWAP, have requested central bank approval to start deal negotiations with potential targets, according to the people.