Ageas announces today the completion of the sale of its 30.95% stake in the share capital of Maybank Ageas Holdings Berhad (MAHB) to Maybank for a total cash consideration equivalent to EUR 1.1 billion1.
The transaction generates a net capital gain after tax of EUR 464 million. The agreement values 100% of MAHB at EUR 3.5 billion, implying a price-to-book (P/B) ratio of about 2x the 2025 IFRS Equity.
The completion of the transaction allows Ageas to realise the significant value created through its more than 25-year partnership with Maybank. The transaction further demonstrates the value-creating potential of Ageas's partnership model and enhances the Group's financial flexibility.
The transaction is solvency accretive, adding 23pp to the Solvency II ratio.
Ageas sincerely thanks Maybank’s management and all Etiqa employees for their collaboration throughout our partnership and wishes the company continued success in the years ahead.
Ageas is a Belgian rooted listed international insurance Group with a heritage spanning 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, India, Thailand, Vietnam, Laos, Cambodia and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 53,000 people and reported annual inflows of EUR 19.6 billion in 2025.
1 Including a EUR 53 million pre-completion dividend.
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