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Great Eastern Holdings to Buy Malaysia Insurance Businesses for S$325.0 Million

By P.R. Venkat


Great Eastern Holdings has agreed to buy two insurance businesses in Malaysia for about 325.0 million Singapore dollars (US$236.7 million).

The Singapore-based insurance company, majority-owned by Oversea-Chinese Banking, will buy AmMetLife Insurance and AmMetLife Takaful in an all-cash deal, OCBC said in a filing to the Singapore Stock Exchange on Tuesday.

Great Eastern will have exclusive 20-year bancassurance and bancatakaful agreements to distribute life insurance and family takaful products through the distribution network of AMMB's banking subsidiaries across Malaysia.

Takaful is a type of Islamic insurance system.

Bancassurance arrangements typically give insurers the exclusive right to sell their products through a bank's branches. Such deals can attract foreign insurers seeking to enter new markets.

The proposed deal is subject to regulatory approvals from both Malaysia and Singapore.


Write to P.R. Venkat at


(END) Dow Jones Newswires

October 02, 2023 21:06 ET (01:06 GMT)

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