Ageas has agreed to sell its 30.95% stake in Malaysian joint venture Maybank Ageas Holdings Berhad (MAHB) to Malayan Banking Berhad (Maybank) for €1.1 billion in cash, marking the end of a 25-year partnership in the Malaysian insurance market.
The transaction is expected to generate an estimated net capital gain of approximately €450 million after tax for the Belgian insurer and remains subject to regulatory approval. Completion is anticipated later in 2026.
Ageas entered Malaysia in 2001 through its partnership with Maybank and expanded the collaboration into Singapore in 2014. The joint venture operates under the Etiqa brand and has established a leading position in the Malaysian insurance market.
According to Ageas, MAHB held the number one position in non-life takaful and maintained 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.
Hans De Cuyper, Chief Executive Officer of Ageas, said the sale enables the group to realise the value created through the long-standing partnership while maintaining its broader commitment to Asia.
“Asia is one of the four core segments of the Group next to Belgium, Europe and Reinsurance. Our Asian business, spanning China, South-East Asia and India, gives access to the long-term growth perspective for insurance in the region.”
He added:
“This divestment from MAHB allows us to capture the significant value that has been generated together with our partner Maybank throughout this period.”
De Cuyper also thanked Maybank and the Etiqa team for their collaboration over the past 25 years and wished them continued success.
The disposal represents one of the largest insurance transactions in Southeast Asia this year and provides Ageas with additional capital that could support future investment across its remaining core markets, while Maybank moves to take full ownership of one of Malaysia’s leading insurance franchises.
