AIA has become Malaysia’s biggest insurer after paying 1.33 billion $1.73 billion for ING’s insurance operations in the country.
The pan-Asian insurer announced the acquisition on the same day as its third-quarter results, which showed a 22% increase in new business to a record $300 million.
ING Insurance is the third-biggest provider in Malaysia, with more than 1.6 million customers across a range of different products, including life, general and employee benefits. AIA is the fourth-biggest insurer in the country.
The proposed deal, which is subject to regulatory approvals, also gives AIA a 60% stake in Islamic insurer ING Public Takaful Ehsan, a...
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