The Belgian insurance group has finalized the sale to Maybank of its stake in Maybank Ageas Holdings Berhad, ending 25 years of partnership. The cash proceeds from the divestment include a pre-completion dividend of 53 million euros.
Ageas announced on September 11, 2026 the completion of the sale to Maybank of its 30.95% stake in Maybank Ageas Holdings Berhad (MAHB), for a total cash amount equivalent to 1.1 billion euros. The agreement values 100% of MAHB at 3.5 billion euros, representing a price-to-book ratio (P/B) of approximately 2 times IFRS 2025 equity. The transaction generates a net gain after taxes of €464 million.
An impact of 23 points on the Solvency II ratio
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According to Ageas, the transaction has a positive effect on solvency and increases the Solvency II ratio by 23 percentage points. The group indicates that the operation strengthens its financial flexibility and realizes the value created during the 25 years of partnership with Maybank. Ageas also sees this as a demonstration of the value creation potential of its partnership model.
Dommages météorologiques significatifs en Belgique et au Portugal affectant les résultats Non-Vie
Cession de la participation malaisienne modifiant le périmètre du groupe
Opportunities identified
Acquisition de 100% d'AG Insurance finalisée
Vente de participation en Malaisie à Maybank pour EUR 1,1 milliard
Renforcement de la présence sur le marché chinois des pensions via investissement dans Taiping Pension
Outlook / guidance
Expected net income: 1 950 millions d'euros
Management commentary: FY 2026 Net Operating Result is expected to exceed EUR 1.95 billion
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