Ageas takes €1.1bn and 25 solvency points from its Etiqa exit
The price values Maybank Ageas Holdings at €3.5bn, twice its 2025 IFRS book value.
Ageas agreed on 3 August to sell its 30.95% holding in Maybank Ageas Holdings Berhad to its joint-venture partner Maybank for €1.1bn in cash, including a €53m pre-completion dividend. The holding company trades as Etiqa and is the largest non-life takaful writer in Malaysia, with life and non-life positions there and a Singapore business built since 2014. Completion is expected during 2026, subject to regulatory approval. The price values the whole of Maybank Ageas Holdings at €3.5bn, twice its 2025 IFRS book value.
The capital effect is the reason the deal matters to Ageas. The group expects its Solvency II ratio to rise by 25 percentage points on completion, and an estimated net capital gain after tax of about €450m. Ageas has not said what the proceeds will fund.
Against that, it gives up a business that produced a €64m net operating result in 2025 and remitted €21m to the group. The sale price is roughly seventeen times last year's operating contribution.
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