Under the terms of the agreement, AIA is taking over ING’s Malaysian life insurance operations, its employee benefits business and its 60% in venture ING Public Takaful Ehsan Berhad, the vendor said.
The process for the sale of the rest of ING’s Asian insurance and investment management businesses is ongoing, the group said, adding it expected the disposal of its Malaysian insurance activities to result in a net gain of around EUR780m.
Completion is expected to take place in the first quarter of 2012, subject to securing regulatory clearances.
ING is among the major life insurers in Malaysia with a portfolio including life, general, employee benefits and Takaful, serving over 1.6m customers. The company has around 1,200 employees and 9,200 tied agents in the country.