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Belgium-based insurer Ageas has concluded its quarter-century partnership with Maybank, paving the way for the Malaysian banking giant to consolidate its insurance operations.

Maybank has secured regulatory approval to acquire the remaining stake in its insurance arm, Maybank Ageas Holdings, to take full ownership of its regional insurance and takaful operations.

The insurer saw profit before tax and zakat reach RM305.6 million as revenue expanded during the first six months of the year.

The banking giant is set to acquire the remaining stake in Maybank Ageas Holdings to gain full control of its regional insurance and takaful operations.

The central bank aims to ensure the affordability of its upcoming base medical insurance and takaful product through a dedicated independent board.
