Saturday, December 21, 2013

AmAssurance Sold - MetLife

Malaysia-based AMMB Holdings has reached an agreement with MetLife International Holdings to sell its stake in its insurance and takaful business to the latter for a total consideration of RM812m.
 
Subject to regulatory approvals, Metlife will acquire a 51% stake in AmLife Insurance Berhad with AMMB Holdings owning the rest. AMMB will hold 51% stake in AmFamily Takaful Berhad while Metlife will hold the rest.
 
As a part of this strategic partnership deal, AmLife and AmTakaful will also enter into an "exclusive” 20-year bancassurance and bancatakaful agreements for the distribution of life insurance and family takaful products through the distribution network of AMMB’s banking subsidiaries, AmBank (M) Berhad and AmIslamic Bank Berhad, across Malaysia. 

1 comment:

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