AMMB sells stakes in insurance units for RM1.12b

AMMB Holdings Bhd is selling its stakes in AmMetLife Insurance Bhd (AML) and AmMetLife Takaful Bhd (AMT) for RM1.12 billion. 

Its subsidiary, AMAB Holdings Sdn Bhd, has entered an agreement with MetLife International Holdings, LLC, Great Eastern Life Assurance (Malaysia) Bhd (GELM), and Great Eastern Takaful Bhd (GETB) for the sale. 

Currently, AML and AMT are jointly owned by AMAB and MetLife with a split ownership structure.

After regulatory approvals, GELM and GETB will acquire 100% of AML and AMT. 

Post-acquisition, these entities will be integrated with GELM and GETB, respectively. 

The deal also includes a 20-year bancassurance and bancatakaful partnership. 

AMMB sees this alignment with Great Eastern as a growth opportunity and a way to enhance customer value through synergistic integration and innovation. –TMR