Deal ends 25-year partnership as Belgian insurer refocuses on Asian growth markets
BRUSSELS: Ageas announced Monday it has reached an agreement to sell its 30.95% stake in Maybank Ageas Holdings Berhad to its joint venture partner Malayan Banking Berhad for €1.1 billion in cash.
The transaction, which values 100% of MAHB at €3.5 billion, represents a price-to-book ratio of approximately 2x the 2025 IFRS Equity. Ageas expects to record a net capital gain after tax of about €450 million from the sale.
The Belgian insurance group entered the Malaysian market in 2001 through the joint venture with Maybank and expanded into Singapore in 2014. The company, operating under the Etiqa brand, holds the No. 1 position in Non-Life Takaful and maintains market-leading positions in both Life and Non-Life Insurance in Malaysia.
In 2025, the joint venture generated a Net Operating Result of €64 million and remitted €21 million to the Ageas Group.
The deal is subject to regulatory approval and is anticipated to close in 2026. Ageas said the transaction will be solvency accretive, with an expected increase of 25 percentage points in its Solvency II ratio.
“Asia is one of the four core segments of the Group next to Belgium, Europe and Reinsurance,” said Hans De Cuyper, CEO of Ageas. “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.”
De Cuyper added: “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.”
Ageas, a Belgian-rooted international insurance group with a 200-year heritage, offers retail and business customers Life and Non-Life insurance products and is also engaged in reinsurance activities. The company operates in 12 markets across Europe and Asia through wholly owned subsidiaries and long-term partnerships with financial institutions and key distributors.
The company employs approximately 55,000 people and reported annual inflows of €19.6 billion in 2025.
