Ageas has agreed to sell its 30.95% stake in its joint venture, Maybank Ageas Holdings Berhad (MAHB), to Malayan Banking Berhad (Maybank) for total cash consideration of €1.1 billion.
Ageas entered the Malaysian market in 2001 through the joint venture with Maybank and expanded its activities into Singapore in 2014. The joint venture operates under the Etiqa brand.
In 2025, MAHB, which holds the number one position in Non-Life Takaful and market-leading positions in Life and Non-Life Insurance in Malaysia, generated a net operating result of €64 million.
Ageas said the agreement to sell its stake in MAHB for total cash consideration equivalent to €1.1 billion will result in an estimated net capital gain after tax of about €450 million.
The transaction is anticipated to be completed in 2026, subject to regulatory approval.
Ageas CEO, Hans De Cuyper, commented, “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 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.”
