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Ageas agrees to sell stake in MAHB to Maybank for €1.1bn

The deal implies an estimated net capital gain after tax of about €450 million, and is expected to close in 2026 subject to regulatory approval.

Reported · Written up by our desk · Industry & Deals

Ageas has agreed to sell its 30.95% stake in its Malaysian joint venture, Maybank Ageas Holdings Berhad, to Malayan Banking Berhad, with total cash consideration of €1.1 billion, Reinsurance News reported.

The joint venture, which operates under the Etiqa brand, entered the Malaysian market with Ageas in 2001 and expanded into Singapore in 2014. In 2025, MAHB generated a net operating result of €64 million, the outlet said.

Ageas said the sale is expected to produce an estimated net capital gain after tax of about €450 million. The transaction is anticipated to be completed in 2026, pending regulatory approvals.

Ageas CEO Hans De Cuyper said the group views Asia as a core segment alongside Belgium, Europe, and reinsurance, and that the divestment will allow it to capture value generated with Maybank over the past 25 years, according to Reinsurance News.

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