AmGrow

Financial services group AMMB Holdings Bhd looks set to re-strategise its insurance business arm after the company received the green light from Bank Negara Malaysia (BNM) to start negotiations with Friends Life FPL Ltd to buy back the 30% equity held in subsidiaries AmLife Insurance Bhd and AmFamily Takaful Bhd (AmTakaful).

Friends Life’s joint venture partnership with AMMB in AmLife began in December 2008 with the acquisition of a 30% shareholding. It subsequently extended its stake to include AmTakaful in December 2011 with a further investment of a similar 30% stake in AmTakaful.

Recently, AMMB became the country’s largest general insurer and market leader in motor insurance – with a combined market share of 35% in terms of gross written premium – when it completed the RM1.63 billion acquisition of Kurnia Insurans (M) Bhd.