Pacific & Orient Insurance Co. Berhad (“POI”) was incorporated on 7 August 1972 in Malaysia under the then Companies Act 1965 as a private limited company. It was subsequently registered as an approved insurer under the Insurance Act 1963 (repealed) on 9 January 1974. With this registration, POI was able to transact all classes of general insurance business.
On 8 March 1995, POI entered into a Sale and Purchase Agreement with the shareholders of Pacific & Orient Berhad (“POB”) for the disposal of the entire issued and paid-up share capital of POI comprising 8,729,000 ordinary shares of RM1.00 each thereby resulting in POI becoming a wholly owned subsidiary of POB, a company listed on Bursa Malaysia Securities Berhad. POB is an investment holding company with diversified business interests which include financial services and information technology services.
Subsequently, POB had on 17 May 2013, sold 49,000,000 (49%) shares of RM1.00 each from its shareholdings to Sanlam Emerging Market Proprietary Limited (“SEM”).
Sanlam is a leading diversified financial services group, originally established as a life insurance company in 1918 and listed on the Johannesburg Stock Exchange (JSE) Limited (primary listing) and Namibian Stock Exchange (secondary listing) in 1998. The head office is in Bellville, near Cape Town, in South Africa.
The SEM cluster is responsible for Sanlam’s financial business services (life assurance, general insurance and asset management) in emerging markets outside South Africa. SEM has businesses in Botswana, Namibia, Malawi, Kenya, Tanzania, Zambia, Ghana, Nigeria, Uganda, India and Malaysia and has an indirect presence via our associate companies in The Gambia, Mozambique, Rwanda, South Sudan and the Philippines.
POI is principally involved in the general insurance business in Malaysia and is a registered insurer under the Act. POI is active in underwriting all classes of general insurance but specialisms in motor insurance.