The insurer said the sale to joint venture partner Maybank is expected to close in 2026, lift its Solvency II ratio by 25 percentage points and generate an estimated EUR 450 million net capital gain after tax.
Ageas has agreed to sell its 30.95% stake in Maybank Ageas Holdings Berhad to its joint venture partner Malayan Banking Berhad, or Maybank, for total cash consideration equivalent to EUR 1.1 billion, including a EUR 53 million pre-completion dividend. The deal values 100% of MAHB at EUR 3.5 billion and implies a price-to-book ratio of about 2x its 2025 IFRS equity. Ageas said the transaction should deliver an estimated net capital gain after tax of about EUR 450 million and increase its Solvency II ratio by 25 percentage points. The insurer entered Malaysia in 2001 through the joint venture with Maybank and later expanded into Singapore in 2014. Operating under the Etiqa brand, the business holds the top spot in Non-Life Takaful (Islamic insurance) and market-leading positions in Life and Non-Life Insurance in Malaysia. In 2025, the joint venture generated a Net Operating Result of EUR 64 million and remitted EUR 21 million to the group. Completion is anticipated in 2026, subject to regulatory approval.