Zurich signs agreement to acquire MAA Takaful Berhad in Malaysia
- Zurich Insurance Company Ltd (ZIC) announced today that it has entered into a conditional Share Purchase Agreement (SPA) to acquire 100% of the shares of MAA Takaful Berhad (MAAT) from MAA Group Berhad (MAAG) and Solidarity Group Holding BSC (Closed) (Solidarity). MAAG currently owns 75% of the shares of MAAT and the remaining 25% are owned by Bahrain-based Solidarity.
MAAT is a leading provider of Takaful products in Malaysia, recording approximately MYR 528.0 million (approximately USD 135.4 million) in gross earned contributions in 2015.
Zurich will pay MYR 525.0 million (approximately USD 134.6 million). Approximately MYR 400.0 million will be paid at closing of the transaction and the remaining will be paid on the third anniversary after the closing, in accordance with the terms and conditions of the SPA and subject to certain adjustments.
The transaction has been approved by the Minister of Finance in Malaysia but remains subject to the approval of MAAG’s shareholders, amongst other customary closing conditions. The closing of the transaction is expected to take place within three months of this signing.
The potential transaction would not affect existing Takaful contracts. Zurich would continue servicing existing MAAT customers and their contracts would remain valid, with all obligations honored until the end of their term.
Media Relations
Yana Rahman
Media Relations
Maryam Zainol
Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer serving more than 55 million customers – both people and businesses – in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and is one of the world’s most sustainable insurers, as shown by the S&P Global Corporate Sustainability Assessment. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.