Ageas divests its 30.95% stake in MAHB to Maybank for €1.1 billion
Belgian insurance group Ageas has concluded an agreement to divest its 30.95% stake in Maybank Ageas Holdings Berhad (MAHB) to its partner Maybank for €1.1 billion. The transaction, which will generate an estimated net gain of approximately €450 million after taxes, is expected to be finalized in 2026 subject to regulatory approval.
A 25-year partnership valued at €3.5 billion
Ageas is divesting its stake in Maybank Ageas Holdings Berhad to Malayan Banking Berhad for a total amount of €1.1 billion. The agreement values the entire MAHB at €3.5 billion, which corresponds to a price-to-book ratio of approximately 2x IFRS equity for the 2025 financial year. This divestment marks the end of Ageas's participation in a joint venture that came into force in 2001 in the Malaysian market, expanded to Singapore in 2014 and operating under the Etiqa brand. In 2025, the joint venture generated a net operating profit of €64 million and paid €21 million to the Ageas group.
An estimated gain of €450 million
The divestment will generate an estimated net gain of approximately €450 million after taxes for Ageas. The transaction will also have a positive effect on the group's solvency, with an expected increase of 25 percentage points in the Solvency II ratio. These figures reflect the significant value created over 25 years of partnership between the two institutions.
Completion expected in 2026 subject to regulatory approval
The completion of the transaction is expected in 2026, subject to regulatory approval. A conference call regarding this transaction was held on August 3, 2026, from 09:30 to 10:30 CET.
