Maybank to Buy Ageas’s Remaining Stake in Etiqa’s Holding Company

Maybank has agreed to buy Ageas Insurance International NV’s 30.95% stake in Maybank Ageas Holdings Berhad (MAHB) for RM4.83 billion, adding to the 69.05% it already owns, according to The Star’s August 3, 2026 report. Fintech News Malaysia describes MAHB as the holding company for Etiqa’s insurance and takaful operations and says the deal is subject to Bank Negara Malaysia approval.

The deal was reported on August 3, 2026 by The Star, BusinessToday Malaysia, Fintech News Malaysia, and Reinsurance News. Maybank and Ageas have been partners since 2001, according to Fintech News Malaysia, and their joint venture expanded into Singapore in 2014, according to Reinsurance News. Reinsurance News also describes the venture as operating under the Etiqa brand, and The Star reports that Etiqa provides life and general conventional insurance products and family and general takaful products in Malaysia and Singapore.

The Deal Terms

The RM4.83 billion price represents 1.98 times book value and 15.3 times earnings, per The Star and Fintech News Malaysia, both published August 3, 2026. On completion, MAHB proposes a RM800 million dividend, of which Ageas gets RM248 million and Maybank RM552 million, per The Star’s August 3, 2026 report. The Star lists Maybank Investment Bank and Morgan Stanley Asia (Singapore) Pte as financial advisers on the transaction.

For Ageas, the sale is worth EUR 1.1 billion in total cash consideration, per Reinsurance News’ August 3, 2026 report, which reported that Ageas estimates a net capital gain after tax of approximately EUR 450 million and that the transaction is expected to increase Ageas’s Solvency II ratio by 25 percentage points. Both boards have approved the deal, per BusinessToday Malaysia.

Maybank’s Case for the Deal

“We believe now is the right time for us to move into the next phase of growth of Maybank Ageas and Etiqa,” Maybank group president and CEO Datuk Seri Khairussaleh Ramli said, per BusinessToday Malaysia. “By owning 100%, we believe that we can align the dividend payout ratio more closely with what we have at the group level,” he added. “Our focus is not just about top-line growth. We want growth that translates into stronger margins and better profitability.” He called the deal “an important milestone for Maybank in charting its insurance and takaful business’ next growth phase across Southeast Asia,” per Fintech News Malaysia.

BusinessToday Malaysia reported on August 3, 2026 that Etiqa’s general insurance and takaful business grew at a 7.3% compound annual rate over 10 years against an industry rate of 4.6%, and that its life insurance and family takaful business grew at 9.2% against an industry rate of 6.9%. Maybank is targeting annual growth of approximately 15%, against approximately 9.2% over the past three years, and wants bancassurance at 50% of premiums, up from around 40% currently, per the same report.

MAHB’s Market Position and Ageas’s Perspective

Fintech News Malaysia’s August 3, 2026 report describes MAHB as currently the fourth-largest takaful provider globally. Reinsurance News reported that in 2025 MAHB held the number one position in Malaysia’s Non-Life Takaful segment, with market-leading Life and Non-Life Insurance positions too, and generated a net operating result of EUR 64 million. The Halal Times has previously covered Etiqa’s takaful business in Singapore and Etiqa’s takaful expansion in the Philippines.

“Asia is one of the four core segments of the Group next to Belgium, Europe and Reinsurance,” Ageas CEO Hans De Cuyper said, per Reinsurance News. “Our Asian business…gives access to the long-term growth perspective for insurance in the region.”

The transaction isn’t finished. Maybank has submitted a formal application to Bank Negara Malaysia for approval, per The Star. BusinessToday Malaysia put completion before the end of the current quarter; Reinsurance News reported completion is expected in 2026, subject to regulatory approval.

Frequently Asked Questions

How much is Maybank paying for Ageas’s stake in Maybank Ageas Holdings?

RM4.83 billion, per The Star. That’s the same transaction Reinsurance News reports at total cash consideration of EUR 1.1 billion. Both outlets published on August 3, 2026.

Will Maybank own all of Etiqa’s holding company after this deal?

The Star reports that Maybank owns 69.05% of Maybank Ageas Holdings Berhad now and is acquiring the 30.95% stake held by Ageas Insurance International NV. Maybank group president and CEO Datuk Seri Khairussaleh Ramli spoke of “owning 100%”, per BusinessToday Malaysia. The sale still needs Bank Negara Malaysia approval. Both reports published on August 3, 2026.

What does Ageas gain from selling its stake in Maybank Ageas Holdings?

Reinsurance News reported on August 3, 2026 that Ageas estimates a net capital gain after tax of approximately EUR 450 million, and that the transaction is expected to increase Ageas’s Solvency II ratio by 25 percentage points.

When is the Maybank-Ageas deal expected to close?

Before the end of the current quarter, per BusinessToday Malaysia’s August 3, 2026 report, pending Bank Negara Malaysia approval.

Is Maybank Ageas Holdings the largest takaful provider in the world?

Fintech News Malaysia calls it the fourth-largest globally in its August 3, 2026 report. Reinsurance News separately reported, also on August 3, 2026, that MAHB held the number one spot in Malaysia’s Non-Life Takaful segment in 2025.