Ageas has sold its 30.05% stake in Maybank Ageas Holdings Berhad to its joint venture (JV) partner, Maybank, for €1.1bn.
Ageas entered the Malaysian market in 2001 through a JV with Maybank and expanded its activities into Singapore in 2014. The company, operating under the Etiqa brand, occupies the number one position in non-life takaful and holds market leading positions in life and non-life insurance in Malaysia.
In 2025, the JV generated a net operating result of €64m and has remitted €21m to the group.
The transaction is anticipated to be completed in 2026, subject to regulatory approval. The transaction will be solvency accretive, with an expected increase in the Solvency II ratio of 25 pp.
Ageas CEO, Hans De Cuyper, said: “Asia is one of the four core segments of the group next to Belgium, Europe and reinsurance. Our Asian business, spanning over China, South-East Asia and India, gives access to the long-term growth perspective for insurance in the region and our distinctive presence in the attractive Asian markets reflects the strength of our longstanding partnerships developed over the past 25 years.
“This divestment from Maybank Ageas Holdings Berhad (MAHB) allows us to capture the significant value that has been generated together with our partner Maybank throughout this period. I am grateful to Maybank’s management and all Etiqa employees for our productive partnership, and I wish them continued success in the future.”
