Ageas to Sell Malaysian Insurance JV Stake to Maybank for €1.1 Billion

Belgian insurer Ageas has agreed to sell its stake in its Malaysian joint venture to partner Malayan Banking Bhd (Maybank) for €1.1 billion ($1.15 billion). The deal marks the end of a 25-year partnership and is expected to significantly strengthen Ageas's capital position.

Deal Details and Financial Impact

Ageas announced on Monday it will divest its 30.95% holding in Maybank Ageas. The transaction, which values the entire joint venture business at €3.5 billion, is expected to close later in 2026, subject to regulatory approvals.

For Ageas, the sale is projected to generate a substantial net capital gain of approximately €450 million after tax. The company stated the deal will also increase its Solvency II ratio by an estimated 25 percentage points, a key metric of financial strength and capital adequacy for European insurers.

End of a Long-Standing Partnership

The sale concludes a partnership that began in 2001. The joint venture operates in Malaysia and Singapore under the Etiqa brand, which has grown to become a market leader in Malaysia.

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According to the announcement, Etiqa is the country's top non-life takaful insurer and holds leading positions in the broader life and non-life insurance sectors. In 2025, the venture generated a net operating result of €64 million, of which €21 million was remitted to Ageas.

Strategic Outlook

Despite the exit from the Maybank partnership, Ageas remains committed to the region. In a statement, CEO Hans De Cuyper said the transaction allows the company to "build on the value created" through the long-standing venture.

De Cuyper also reaffirmed that Asia remains one of the group’s four core business segments, signaling the move is a strategic realignment of assets rather than a withdrawal from the Asian market.