Bjak Sdn, Malaysia’s largest online insurance aggregator, is mulling an initial public offering within the next two years as it seeks to enter Europe.
Bjak is eyeing new markets in Spain and Germany in 2026 following its recent expansion in Japan, Taiwan and Thailand, Wei Low, the firm’s founder said in his first-ever media interview.
The firm’s gross written premiums increased 20% to 30% this year and are set to grow at a faster pace in the future as Bjak expands into new markets, the 36-year-old told Bloomberg News. The business has been profitable since its inception in 2019 and has “very minimal” debt, he said, declining to disclose further financial details.
“We’re still very young as a company,” Low said. “If you look at our other peers in other markets that are large, in China or the UK, it takes about 20 years to really maximize the potential or increase the penetration.”
The IPO will help fund further overseas expansion and provide employees with liquidity through stock grants. Bjak is shifting its focus to Spain and Germany, which have well-established auto insurance markets, Low said.
Low plans to double his team across the world by the end of 2026 from almost 200 people currently.
The success of Ant Group Co., the operator of China’s ubiquitous financial services app Alipay, inspired Low to start Bjak in 2019. While insurance technology is well established in markets like the UK, it is at different stages of maturity across Asia, he said.
In Malaysia, RAM Ratings forecasts moderating growth this year in new business for both life and non-life insurers, including those that comply with Islamic principles. Non-life premium gains are seen slowing to 5% in 2025 from 7.3% last year.
Still, the potential upside for the nation’s insurance industry “remains healthy,” according to RAM Ratings analyst Kit Yoong Loh. Increasing awareness of the importance of coverage protection and significant numbers of Malaysians who are uninsured and underinsured, especially among lower income households, underpin business opportunities, she said.
Online insurance platforms improve insurers’ reach to some of these segments, given the high smartphone and internet access rates in the country, the analyst said.
Bjak has 7 million users and 16 insurance brands, including Germany’s Allianz SE and Japan’s Tokio Marine, on its platform.
Low’s entrepreneurial journey began at age 20 when his family’s financial woes forced him to drop out of a pre-university program. Before founding Bjak, he was involved in aluminum trading and two other e-commerce ventures that stalled.
He cited Warren Buffett as his idol and has read all of Berkshire Hathaway Inc.’s annual letters the billionaire investor has written since 1965. Like Buffett, Low wants to embrace a business philosophy focused on more than just monetary success.
“He has this quote that he emphasized a lot that I practice: You find out who your role models are and copy them,” he said.
Photograph: The Merdeka 118 Tower, right, and other buildings in the city’s skyline in Kuala Lumpur, Malaysia, on Tuesday, Aug. 27, 2024. Photo credit: Ian Teh/Bloomberg
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