AmGeneral Insurance Bhd, Malaysia’s second-biggest auto insurer, have restarted a sale process and are seeking as much as US$1 billion for the company. AMMB Holdings Bhd and Insurance Australia Group Ltd invited potential suitors to submit non-binding bids for the Malaysian insurer by the end of this month, according to the people, who asked not to be named as the information is private. AMMB controls 51% of AmGeneral, while IAG owns the remaining balance.
AMMB and IAG explored the disposal of AmGeneral in 2017 and shortlisted Allianz Malaysia Bhd last year, Bloomberg News previously reported. But the deal fell through after failing to get approval from relevant authority.
AmGeneral is the second-biggest auto insurer in Malaysia and insures one in six cars in the country, according to its website. It ranks in the top five in overall market share for general insurance, as of the first half of 2018, the website said.
The company has more than two million customers and a network of 7,000 agents and dealers marketing products under the AmAssurance and Kurnia brands. AmGeneral underwrote RM1.5 billion of gross premiums and earned RM220 million in net income in the financial year ended March 2019, according to the insurer’s latest available annual results.
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