Maybank announced on August 3 that it will acquire Ageas’s remaining 30.95% stake in Maybank Ageas Holdings Bhd (MAHB), the holding company for Etiqa’s insurance and takaful businesses, for RM4.83 billion (about US$1.2 billion) [1, 2, 3, 4, 5]. This deal will give Maybank 100% ownership of Etiqa, valuing the whole company at roughly US$4 billion [6, 1, 3, 4]. Maybank currently holds 69.05% of MAHB, while Ageas owns the remaining 30.95% [6, 5, 7].
Etiqa operates across Malaysia, Singapore, the Philippines, Indonesia, and Cambodia, providing both conventional and Shariah-compliant insurance products through more than 6,000 agents and 23 branches [6, 8, 1, 3, 4]. The company generated RM1.02 billion in profit after tax and minority interests for the 2025 fiscal year, growing at a compound annual rate of 8.4% from 2023 to 2025. Its gross written premiums rose at a CAGR of 9.2%, reaching RM12.9 billion in 2025 [2]. Etiqa is also ranked as the world’s fourth-largest takaful provider [2, 5].
Maybank said it will fund the acquisition through a mix of internal and external sources [1, 2, 4, 5]. The RM4.83 billion price reflects a price-to-book ratio of 1.98 times and a price-to-earnings ratio of 15.3 times, after adjusting for a proposed RM800 million dividend, of which Ageas will receive RM248 million and Maybank RM552 million [2, 5, 7, 9]. Ageas expects a net capital gain after tax of about 450 million euros (US$519 million) from the sale [3, 4].
The acquisition is subject to regulatory approval from Bank Negara Malaysia and is expected to complete during the third quarter of 2026 [1, 3, 4, 10]. Maybank CEO Khairussaleh Ramli called the transaction an "important milestone for Maybank in charting its insurance and Takaful business’ next growth phase across South-east Asia." He said Maybank will continue investing in innovation and digital capabilities to enhance productivity, reduce costs, and improve customer experience after gaining full ownership [1, 5, 10].
Formed in 2001 as a joint venture between Maybank and Ageas, Etiqa expanded into Singapore in 2014 [1, 3, 4, 10]. Maybank has about 14 million customers, with only 24% currently using Etiqa’s insurance products, presenting significant cross-selling opportunities [10]. The bank targets a mid-teens return on equity for Etiqa by 2030 and aims to grow gross written premiums and contributions at a compound annual rate of up to 15% between 2025 and 2030. It also plans to raise bancassurance's share of premiums from 40% in 2025 to about 50% by 2030 [2, 10].
Maybank intends to maintain its current dividend policy after completing the acquisition and coordinate Etiqa’s dividend policy with the group’s capital management strategy [10]. The full ownership will allow Maybank to steer Etiqa’s strategic direction more directly as it pursues growth across Southeast Asia.
