AmMetLife Insurance Bhd are exploring options for their Malaysian life insurance business, which could fetch as much as US$600 million in a sale. MetLife Inc and AMMB Holdings Bhd are working for the potential divestment of the jointly-owned business. A formal sale process could start as soon as this year.The asset could draw interest from other insurers in Malaysia. MetLife continues to invest in its business in Asia where demand for insurance continues to be strong. Deliberations are still preliminary and the companies could decide not to proceed with a disposal.
Malaysia has seen a wave of consolidation in the insurance industry. AMMB and Insurance Australia Group Ltd are selling AmGeneral Insurance Bhd., Malaysia’s second-biggest auto insurer. AXA SA and Affin Bank Bhd have also been considering a sale of their life and general insurance businesses in Malaysia.
MetLife and AMMB set up their Malaysian insurance partnership AmMetLife back in 2014. The company offers life insurance and wealth protection services in the country. Its gross earned premium was about RM243 million for the six months ended September 2019.
MetLife sold its Hong Kong units to FWD Group Ltd this year for an undisclosed amount. The US insurer still has operations in China, Japan and Korea.
No comments:
Post a Comment