Belgium’s insurer Ageas has completed the sale of its 30.95 percent stake in Maybank Ageas Holdings, the Malaysian parent of insurer Etiqa, to its partner Maybank for about €1.1B billion ($1.3 billion), ending a 25-year joint venture.

In a statement on Friday, Ageas said the deal generated a net after-tax gain of €464 million euros. It also valued the whole of Maybank Ageas Holdings at €3.5 billion, about twice its 2025 book value, Ageas said. The consideration, equal to roughly 5.2 billion ringgit, included a 53 million-euro pre-completion dividend.

As a result, Maybank, Malaysia’s largest bank, became the sole owner of the insurance business, consolidating one of Southeast Asia’s largest bank-linked insurance and takaful platforms. Etiqa is Malaysia’s top provider of non-life takaful — insurance based on Islamic principles — and a leading life and non-life insurer, and also operates in Singapore.

In a statement in August prior to the acquisition, Maybank said the move marked the next phase of its “ROAR30” strategy and would strengthen its insurance and takaful business across Southeast Asia.

Maybank highlighted Etiqa as the world’s fourth-largest takaful provider and said full ownership would be immediately accretive to its profit, earnings per share, and return on equity.

Maybank expects demand from AI-related fields to remain strong in Singapore