Belgian insurer Ageas has completed the sale of its 30.95% stake in Maybank Ageas Holdings to its long-standing partner Maybank for approximately €1.1 billion ($1.3 billion). The transaction marks the end of a 25-year joint venture between the two groups and makes Maybank the sole owner of the insurance holding company, which owns Etiqa.
Ageas said the transaction generated a net after-tax gain of €464 million and valued Maybank Ageas Holdings at approximately €3.5 billion. The consideration, equivalent to around MYR 5.2 billion, included a €53 million dividend paid before completion. The agreed valuation was around twice the holding company’s 2025 book value.
With the completion of the acquisition, Maybank has taken full ownership of Etiqa, strengthening its position in Southeast Asia’s insurance and takaful sector. Etiqa is one of Malaysia’s leading insurance providers and a major operator in the takaful market, offering insurance solutions based on Islamic principles as well as life and general insurance products. The company also operates in Singapore.
Maybank said the acquisition forms part of the next phase of its ROAR30 strategy and is expected to strengthen its insurance and takaful operations across Southeast Asia. The bank also expects full ownership of Etiqa to contribute positively to its profitability, earnings per share and return on equity.
The transaction highlights the growing strategic importance of insurance and takaful businesses within Southeast Asia’s financial services industry. Maybank’s full ownership of Etiqa is expected to provide greater flexibility in expanding its regional insurance and Shariah-compliant takaful offerings while strengthening its position in the broader Islamic finance market.