Ageas Stake Sale

Ageas has agreed to sell its 30.95 % stake in Maybank Ageas Holdings Berhad (MAHB) to its joint‑venture partner Malayan Banking for a cash consideration of EUR 1.1 billion, with an estimated net capital gain after tax of EUR 450 million. The transaction values MAHB at EUR 3.5 billion, implying a price‑to‑book ratio of roughly 2× the 2025 IFRS equity and is expected to be completed in 2026, subject to regulatory approval. The sale will be solvency accretive, with an anticipated increase in the Solvency II ratio of 25 pp, and will lift Ageas’s cash reserves and overall solvency position.