AmGeneral Sold To Liberty

AMMB Holdings Bhd's 51% - owned AmGeneral Holdings Bhd will be disposing of its entire 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB) for RM2.29 billion, to be satisfied via cash and a 30% stake in LIB. 

Upon completion of the proposed disposal, AMMB and Liberty Mutual Insurance Company (the parent company of LIB) will hold a 30% and 70% equity stake respectively in LIB and AGIB. Under the deal, LIB will also acquire the remaining 49% in AGIB from Insurance Australia Group (IAG).

The combined entity is expected to become the largest motor insurer and the number two property and casualty insurer in the market with an estimated proforma premium base of RM2.3 billion in 2022 based on 2020 data.

As part of the transaction, the prospective merged entity will enter into an exclusive 20-year new bancassurance partnership with AMMB Group to distribute general insurance products. AGIB was founded in 2012 with the merger of AmG Insurance Bhd and Kurnia Insurance (M) Bhd in September 2012.