Australia Insurance Group, AMMB tries to sell Malaysian automatic insurance companies: Source | Instant news

The owner of AmGeneral Insurance Bhd. Malaysia’s second largest auto insurance company has resumed the sale and is looking at up to $ 1 billion for the company, according to people who were aware of the problem.

AMMB Holdings Bhd. Registered in Kuala Lumpur and the Australian Insurance Group Limited, invited prospective applicants to submit non-binding offers to Malaysian insurance companies at the end of this month, according to people, who requested not to be identified because of their personal information. AMMB controls 51% of AmGeneral, while IAG holds the balance.

AMMB and IAG explored disposal of AmGeneral in 2017 and were selected as Allianz Malaysia Bhd. One person said that the deal failed after it failed to obtain approval from Bank Negara Malaysia, the country’s central bank. The central bank declined to comment on this issue. The person said that the owner has started a new sales process in the past few weeks.

People say the details of a potential deal may change, and AmGeneral owners can decide to hold their shares. AmGeneral and AMMB representatives declined to comment. The IAG representative said that the company’s focus is on the core business of Australia and New Zealand, and is exploring options related to remaining general Asian insurance benefits, including liquidation of investments if necessary.

AmGeneral is the second largest auto insurance company in Malaysia and insures one in every six cars in the country, according to its website. The site said it ranked fifth in the overall market share of general insurance in the first half of 2018.

The company has over two million customers and networks of 7,000 agents and merchants who market products under the AmAssurance and Kurnia brands. AmGeneral bears a gross aggregate premium of 1.5 billion ringgit ($ 347 million) and receives a net profit of 220 million ringgit in the fiscal year ending in March 2019, according to the latest annual results for the insurance company available.

– With the help of Harry Brompton.

Copyright 2020 Bloomberg.

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