ageas (AGS) Status update summary

Transaction overview

• Agreement reached to sell a 30.95% stake in Maybank Ageas Holdings Berhad (MAHB), also known as Etiqa, to Maybank for EUR 1.1 billion in cash proceeds, generating an estimated net capital gain of EUR 450 million.

• The deal values MAHB at EUR 3.5 billion, with a price-to-book multiple of about two times the 2025 IFRS Equity.

• The divestment follows a 25-year partnership, with Etiqa evolving into a market leader in Takaful and non-life insurance in Malaysia and Singapore.

• The sale will have a positive impact of approximately 25 percentage points on the Solvency II ratio.

• Transaction expected to complete in 2026, pending regulatory approval.

Strategic implications and future direction

• The divestment is part of ongoing portfolio optimization, following recent EUR 3.5 billion investments in Belgium and Europe.

• The group remains committed to its balanced strategy across Europe and Asia, with Asia continuing as a core pillar for long-term growth.

• Proceeds from the sale may be reinvested in growth opportunities in Europe or Asia, depending on market conditions and strategic fit.

• The partnership model, combining local market access with insurance expertise, remains central to future expansion and value creation.

• If excess capital cannot be deployed in line with strategic criteria, share buybacks may be considered.

Financial guidance and impact

• The group anticipates a reduction of around EUR 30 million in 2026 net operating result from Malaysia, a limited impact on total group results.

• Updated guidance for the full year 2026 net operating result will be provided at the half-year 2026 results publication.

• The capital gain from the transaction is expected to be recognized before year-end and will be included in the Asian region’s net operating result.

• The group’s net operating result composition will shift to approximately one-third Asian partnerships and two-thirds Belgian, European, and reinsurance activities.

• The group’s ambition remains to exceed EUR 1.5 billion in net operating result, with updated guidance to be shared by end of August.