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Insurance Business

Maybank to buy Ageas’s 30.95% stake in MAHB for EUR 1.1 billion, taking full control of Etiqa

AI Market Summary
Maybank's EUR 1.1bn purchase of Ageas' 30.95% stake in MAHB consolidates full ownership of Etiqa, strengthening control over a leading bancatakaful franchise as bank-led insurance distribution gains share in Malaysia and Singapore. The transaction crystallises value for Ageas via a sizable capital gain and improves solvency metrics, while increasing Maybank's ability to integrate operations and cross-sell into its customer base.
Impact level
● Low
Affected assets
NCCOGOLD2USD/USDT+0.68%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Malayan Banking Berhad (Maybank) said it will pay EUR 1.1 billion to buy Ageas’s 30.95% stake in Maybank Ageas Holdings Berhad (MAHB), taking sole ownership of Etiqa’s takaful business. The deal values MAHB at EUR 3.5 billion, implying about 2x 2025 IFRS equity, and includes a EUR 53 million pre-completion dividend. In Malaysia, bancatakaful accounted for 52.05% of family takaful new business in 2024, up more than 3 percentage points from the prior year. The transaction strengthens Maybank’s control and potential synergies in Islamic insurance.
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