ageas (AGS) Status update summary

Transaction overview

• Agreement reached to sell a 31% stake in Etiqa (MAHB) to Maybank for EUR 1.1 billion in cash, ending a 25-year partnership.

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

• The transaction delivers a net capital gain of around EUR 450 million after tax.

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

• The divestment is a standalone decision, not driven by recent European investments or cash needs.

Financial and strategic impact

• The sale will increase the Solvency II ratio by about 25 percentage points.

• The 2026 net operating result will be reduced by approximately EUR 30 million, a limited impact on group results.

• Cash received from Malaysia represented only about 2% of total cash upstream in 2025, indicating minimal impact on recurring cash flows.

• The JV generated a net operating result of EUR 64 million and remitted EUR 21 million to the group in 2025.

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

Portfolio and capital allocation

• Proceeds from the sale will be added to the group’s firepower, with future investments considered in both Europe and Asia depending on opportunities.

• The group maintains a balanced profile, with future net operating result composition expected to be one-third Asian partnerships and two-thirds Belgian, European, and reinsurance.

• If excess capital cannot be deployed, share buybacks remain an option.

• Reinsurance strategy remains focused on organic growth, with a commitment to invest over EUR 200 million in the segment by the end of the strategic cycle.

• Asian operations remain a core segment, with ongoing presence in China, South-East Asia, and India.