Ageas sells Etiqa stake to Maybank for €1.1 billion

Ageas has agreed to sell its 30.95% stake in Maybank Ageas Holdings Berhad to joint venture partner Maybank for €1.1 billion in cash.

The transaction values the parent company of Etiqa at €3.5 billion, or approximately twice its 2025 IFRS equity. Ageas expects to record an after-tax capital gain of around €450 million and add 25 percentage points to its Solvency II ratio.

Ageas entered Malaysia through the Maybank partnership in 2001 and expanded the business into Singapore in 2014. Etiqa is Malaysia’s largest non-life takaful provider and holds leading positions across life and non-life insurance.

The joint venture generated a net operating result of €64 million in 2025 and remitted €21 million to Ageas.

The transaction, which includes a €53 million pre-completion dividend, is expected to close in 2026, subject to regulatory approval. Ageas said Asia remains one of its four core business segments alongside Belgium, Europe and reinsurance.