Home›Insurance›Industry & Deals›Ageas agrees to sell Etiqa stake to Maybank for €1.1 b…

Ageas agrees to sell Etiqa stake to Maybank for €1.1 billion

The deal would lift Ageas’ Solvency II ratio by 25 percentage points and is expected to close in 2026, pending regulatory approval.

Reported · Written up by our desk · Industry & Deals

Ageas has agreed to sell its 30.95% stake in Maybank Ageas Holdings Berhad to its joint venture partner Maybank for €1.1 billion in cash, expanding Maybank’s control of the Malaysia-based insurer.

The transaction values Etiqa, the joint venture’s parent business, at €3.5 billion, and Ageas expects to record an after-tax capital gain of around €450 million. Ageas also projects the deal will increase its Solvency II ratio by 25 percentage points.

Coverager reports that Ageas entered the partnership in 2001 and later expanded into Singapore in 2014. Etiqa is described as Malaysia’s largest non-life takaful provider, with the joint venture generating a net operating result of €64 million in 2025 and remitting €21 million to Ageas.

The transaction includes a €53 million pre-completion dividend and is expected to close in 2026, subject to regulatory approval. Ageas said it remains focused on Asia as one of its core business segments, alongside Belgium, Europe and reinsurance.

More like this

Sources