ageas SA/NV

Ageas has completed the sale of its 30.95% stake in Maybank Ageas Holdings Berhad to Maybank for a total cash consideration equivalent to EUR 1.1 billion, including a EUR 53 million pre-completion dividend. The transaction generates a net capital gain after tax of EUR 464 million and values 100% of Maybank Ageas Holdings Berhad at EUR 3.5 billion, implying a price-to-book ratio of about 2x the 2025 IFRS Equity. Ageas said the deal is solvency accretive, adding 23 percentage points to its Solvency II ratio, and allows the group to realise the value created through its more than 25-year partnership with Maybank while enhancing financial flexibility. Ageas thanked Maybank's management and all Etiqa employees for their collaboration and wished the company continued success.

Ageas has agreed to sell its 30.95% stake in Maybank Ageas Holdings Berhad to its joint venture partner Malayan Banking Berhad for a total cash consideration equivalent to EUR 1.1 billion. The deal values 100% of MAHB at EUR 3.5 billion, implying a price-to-book ratio of about 2 times the 2025 IFRS equity, and is expected to generate an estimated net capital gain after tax of about EUR 450 million for Ageas. The transaction, anticipated to close in 2026 subject to regulatory approval, will be solvency accretive with an expected increase in the Solvency II ratio of 25 percentage points. Ageas entered the Malaysian market in 2001 through the joint venture, which operates under the Etiqa brand and holds leading positions in life and non-life insurance as well as non-life Takaful in Malaysia. In 2025, the joint venture generated a net operating result of EUR 64 million and remitted EUR 21 million to the Ageas Group.