AIA to expand
AIA Group Limited (“AIA”) has reached agreement with ING to acquire
its insurance subsidiaries in Malaysia for a cash consideration of Euro
1.336 billion (US$1.73 billion). The acquisition remains subject to
regulatory approval and the execution of the appropriate legal
documentation.
Once approved, the acquisition will be immediately accretive to AIA’s
earnings and will make AIA the number one ranked insurance provider by
total premiums in the high-growth Malaysian market.
Mark Tucker, AIA’s Group Chief Executive and President, said, “This
is a compelling and unique opportunity for AIA to further enhance our
ability to sustain high-quality growth in the fastest-growing insurance
region in the world and in one of the most attractive markets in the
region. |
