Malaysia: Great Eastern proposes to acquire two AmMetLife units
Source: Middle East Insurance Review | Nov 2023
Last October, Great Eastern Holdings (GEH) announced that its Malaysia subsidiaries, Great Eastern Life Assurance (Malaysia) (GELM) and Great Eastern Takaful (GETB), have entered into an implementation agreement with AMAB Holdings (AMAB) and MetLife International Holdings (MetLife), to acquire two of its insurance operations in the country.
Under the proposed acquisition deal, GELM and GETB will acquire 100% of the shares of both AmMetLife Insurance (AML) and AmMetLife Takaful(AMT).
Accordingly, GELM is expected to control 100% of the shares in AML, while GETB will hold 100% of the shares in AMT.
Furthermore, the acquisition deal includes an exclusive 20-year bancassurance/bancatakaful agreements among GELM, AML, GETB and AMT for the distribution of life insurance and family takaful products through the distribution network of AMMB’s banking subsidiaries – AmBank and AmBank Islamic - across Malaysia.
The acquisition is subject to regulatory approvals from Bank Negara Malaysia and/or the Malaysia’s finance minister, as well as the Monetary Authority of Singapore.
Great Eastern group CEO Khor Hock Seng said that the group looks forward to partnering with AmBank and AmBank Islamic to offer its insurance and takaful solutions to the bank’s 3m customers. He said that this opportunity will provide both GELM and GETB with an expanded distribution network. M