KUALA LUMPUR (Jul 28, 2022) – AMMB Holdings Berhad’s (“AMMB”) 51%-owned subsidiary, AmGeneral Holdings Berhad (“AGHB”) today announced the successful completion of the sale of its wholly-owned subsidiary, AmGeneral Insurance Berhad (“AGIB”), to Liberty Insurance Berhad (“LIB”). This follows through from the receipt of regulatory approval from the Minister of Finance and signing of the share sale and purchase agreement with LIB.
With the completion of the deal, LIB has acquired 100% of the shares of AGIB, which was previously 51%-owned by AMMB and 49%-owned by Insurance Australia Group, for a headline purchase consideration amounting to RM2.29 billion. As part of the sales agreement, AMMB received cash amounting to RM287 million and a 30% stake in AGIB and LIB valued at RM939 million.
As part of the transaction, AMMB entered into a 20-year new bancassurance partnership for the distribution of general insurance products. The operations of AGIB and LIB will be formally merged at a subsequent date, at which time it is expected that the combined entity will become a leading general insurer, as well as the largest motor insurer in Malaysia.
AMMB Group Chief Executive Officer, Dato’ Sulaiman Mohd Tahir said, “We are indeed pleased with the completion of the sale of our general insurance business to Liberty Mutual Insurance. As a strategic partner, we look forward to working with them, and we are confident that together, we are more than equipped to serve our enlarged customer base as well as business partners with innovative insurance solutions.”
Based in Kuala Lumpur, LIB employs approximately 450 employees at six regional offices and 24 branches across Malaysia. The company distributes its personal, commercial and other product lines through multiple channels, including a 2,000-agent work force, plus franchises, car dealers and our banca partners. LIB aims to provide a convenient and hassle-free service that is easily accessible from wherever you are.
