Proposed Partnership Includes Twenty-Year Bank Distribution Agreements;
Signals MetLife's Ambition to Become a Leading Player in the Malaysian Insurance Market
Kuala Lumpur & New York, Dec. 19, 2013 - MetLife, Inc. (NYSE: MET) announced today it has reached an agreement with Malaysia's AMMB Holdings Bhd ( AMMB ) to seek regulatory approval of a proposed strategic partnership involving AmLife Insurance Berhad ( AmLife ) and AmFamily Takaful Berhad ( AmTakaful ).
Upon receipt of regulatory approvals and satisfaction of certain other conditions, the proposed transaction will result in MetLife owning a fifty percent plus one share in AmLife with the remaining shares to be owned by AMMB, and AMMB owning a fifty percent plus one share in AmTakaful with the remaining shares to be owned by MetLife. In addition, the proposed transaction will result in AmLife and AmTakaful entering into exclusive twenty-year bancassurance and bancatakaful agreements for the distribution of life insurance and family takaful products through the distribution network of AMMB's banking subsidiaries, AmBank (M) Berhad and AmIslamic Bank Berhad, in Malaysia. The total consideration for the proposed transaction payable by MetLife is RM 812 million (equivalent to USD 249 million) upon completion, subject to customary adjustments.
AMMB is the holding company of the fifth largest banking group ( AmBank Group ) in Malaysia (based on market capitalization), with RM 129 billion of assets, 187 branches, and over 4 million retail customers. AmLife is an established life insurance business that has been operating since 1973 that distributes protection, savings and investment-linked products through agency, bank, and group channels. AmTakaful started operations in January 2012 and distributes Shariah-compliant products.
In accordance with local regulatory requirements and upon the receipt of Malaysian regulatory approvals, MetLife and AMMB will execute definitive agreements, after which the proposed transaction will close upon the satisfaction of certain other conditions.
Our proposed transaction advances MetLife's strategy to capitalize on growth opportunities in emerging markets, and further expands our footprint into fast growing and profitable South East Asia insurance markets, said Christopher Townsend, MetLife's Asia President. It is a great testament to our strengths in bancassurance, direct marketing and agency management, he added. AmBank Group has a distinguished track-record and brand, and we look forward to partnering with them to build top-tier life insurance and takaful businesses in Malaysia, he concluded.
Commenting on the proposed transaction, Dato' Dr. Nirmala Menon, MetLife's Head of Designated Markets and Health Asia said, Malaysia is a very attractive market, with low insurance penetration and a rapidly expanding middle class. Partnering with AMMB will leverage the strengths of two exceptional companies to meet the increasing demand for insurance in Malaysia; AMMB's customers will benefit from access to MetLife's global expertise, financial strength and innovative products and services, while MetLife will benefit from AMMB's distribution network, and brand strength in the market place. She concluded by saying, Malaysia is a fast developing and important center of Islamic finance and this partnership will advance our Takaful product capabilities, providing us with an opportunity to export these across our other Muslim markets.
The proposed transaction follows recent announcements from MetLife of the formation of a joint venture with Bank for Investment and Development of Vietnam and opening of a Representative Office in Myanmar.
About MetLife MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About AmBank Group Established in August 1975, AmBank Group is one of the largest banking groups in Malaysia and comprises AMMB Holdings Berhad (a public listed company on the Main Market of Bursa Malaysia Securities Berhad), and its core subsidiaries - AmBank (M) Berhad, AmIslamic Bank Berhad, AmInvestment Bank Berhad, AmInvestment Group Berhad, AmGeneral Insurance Berhad, AmLife Insurance Berhad and AmFamily Takaful Berhad.
The Group provides a wide range of both conventional and Islamic financing and related financial services, including retail banking, business banking, transaction banking, corporate and institutional banking, investment banking, funds management, markets, as well as underwriting of general insurance, life insurance and family takaful.
AmBank Group's core philosophy incorporates a deep-seated commitment to the satisfaction of its wide range of customers, with numerous customer-focused initiatives at the heart of communication and interaction with all customer groups. The Group is committed to providing new and innovative products and services to its customers, leveraging the synergy of its strategic partnership with the Australia and New Zealand Banking Group (ANZ), one of Australia's leading banks.
For more information, please visit www.ambankgroup.com.
This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as anticipate, estimate, expect, project, intend, plan, believe and other words and
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
27/04/2024
On April 26, L3Harris Chair and CEO Christopher E. Kubasik joined CNBC's Mor...
27/04/2024
PORTLAND, Oregon Audinate Group Limited, the developer of the Dante AV-over-IP solution, announced significant new additions to Dante Connect, its cloud-based D...
27/04/2024
TORONTO Bell Media has launched 10 English and French-language FAST channels featuring entertainment, factual, news, and sports programming. The new free stream...
27/04/2024
An extensive new analysis of the news segments in the broadcast evening news programs of ABC, CBS, NBC and PBS has found that broadcasters devoted most of their...
27/04/2024
GERMANTOWN, Md. EchoStar's Hughes Network Systems has opened a new manufacturing facility and private 5G incubation center in Germantown, Maryland....
27/04/2024
Harry Pappas, one of three brothers who founded Pappas Telecasting Companies in 1971, died April 24. He was 78 years old....
27/04/2024
ATLANTA and LONDON Mexican telecommunications and broadcast company Televisa has selected Synamedia for an overhaul of its broadcast distribution....
27/04/2024
Participate in the Survey - The Impact of AI on Media and the Creative Industry
Pascal Wagner April 26, 2024
0 Comments
By participating in this surve...
27/04/2024
SDVI Rally Access Workstation Earns Two Top Awards at 2024 NAB Show
Brie Clayton April 26, 2024
0 Comments
SDVI, the leading platform provider for clo...
27/04/2024
Berklee's Music and Health Institute Launches Community Health Musician Cert...
27/04/2024
Charter Communications reported higher first-quarter profits despite continued cord-cutting and competition for broadband customers....
27/04/2024
Two environmentally-focused groups are partnering to engage the unscripted TV world in finding better ways to address climate change. Reality of Change is an ec...
27/04/2024
Sarah Garcia has been promoted to weekend anchor at KTLM McAllen, Texas, known as Telemundo 40. Starting April 27, she will anchor Noticias Telemundo 40 weekend...
27/04/2024
CBS Sports said it launched a new 24-hour free, ad supported streaming television (FAST) channel devoted to the UEFA Champions League....
27/04/2024
Comcast chairman and CEO Brian Roberts received $35.4 million in compensation in 2023, up 11% from the previous year, according to a proxy statement filed by th...
27/04/2024
Art Happens Here With John Lithgow, which sees the actor study dance, ceramics, silk-screen printing and vocal jazz with students in Los Angeles, debuts on PBS ...
27/04/2024
Remember Leave It to Beaver? Bewitched? Dragnet? When cable ratings were rising?...
27/04/2024
Next up for the weekend binge at Catchy Comedy is Gomer Pyle, U.S.M.C. Every weekend, Catchy Comedy features The Catchy Binge, a marathon of a classic sitcom....
26/04/2024
Sundance Film Festival CDMX 2024 kicks-off today with screenings in 5 theaters in Mexico City and the opening-night film, FRIDA, directed by Carla Guti rrez...
26/04/2024
[Editor's Note: This interview is part of a larger feature about the women d...
26/04/2024
Once again this year, SGL Carbon opened its doors to interested children and young people. On the occasion of the German Girls and Boys Day, which took place on...
26/04/2024
Orders1 of $5.5 billion; book-to-bill of 1.06x
Revenue of $5.2 billion, up 17%,...
26/04/2024
Five Considerations For Communications Modernization In The 21st Century
In the digital-enabled battlespace, the Joint Force needs to shoot, move and communica...
26/04/2024
CBS Sports has launched Champions League as a new, 24-hour streaming channel that will serve as the year-round destination for nonstop highlights of the UEFA ...
26/04/2024
Despite tough competition in the streaming space, Roku reported solid results in Q1 2024, beating revenue expectations, with total net revenue up 19% YoY to $88...
26/04/2024
LONDON AND TORONTO Pinewood Toronto Studios has appointed Sarah Farrell as general manager of the Studios in downtown Toronto....
26/04/2024
Quantum to Offer Advanced Filesharing Technology and Performance in StorNext and...
26/04/2024
FilmLight Colour Awards welcomes 2024 entries and introduces new Emerging Talen...
26/04/2024
Picture Shop Announces Chris Evans as Head of Unscripted
Brie Clayton April 26, 2024
0 Comments
Picture Shop announced Chris Evans will lead Unscripte...
26/04/2024
Participate in a Survey - The Impact of AI on Media and the Creative Industry
Pascal Wagner April 26, 2024
0 Comments
By participating in this survey,...
26/04/2024
Toy maker Mattel said it is working with Samsung to launch its first free ad-supported streaming television (FAST) channels later this year....
26/04/2024
Trusted Media Brands (TMB) said it named Marty Moe as president....
26/04/2024
Ron Howard is the director on Jim Henson Idea Man, a documentary that premieres on Disney Plus May 31. Henson of course created Kermit the Frog, Miss Piggy, Big...
26/04/2024
The ice continues to melt under the regional sports network business as the Seattle Kraken of the National Hockey League have made a long-term deal to broadcast...
26/04/2024
Heading into the upfronts, Warner Bros. Discovery said it launched Olli, a first-party data platform advertiser can use for converged, targeted advertising camp...
26/04/2024
CBS has renewed the drama The Equalizer, which will see season five on in 2024-2025. Queen Latifah stars....
26/04/2024
The CW has entered into an exclusive multiyear broadcast partnership for the Miss USA Pageant and the Miss Teen USA Pageant. The 73rd Miss USA Pageant will air ...
26/04/2024
Fuse Media isn't mincing words in a campaign urging its young viewers to register and participate in the 2024 elections....
26/04/2024
Dead Boy Detectives, a series from Neil Gaiman about a detective agency staffed by ghosts, debuts on Netflix April 25. George Rexstrew and Jayden Revri are in t...
26/04/2024
The Story Collective has gradually repurposed the former Mortlake Brewery to include production offices, workshops and sound stages
By Matthew Corrigan
Publi...
26/04/2024
Perkett joins the company following a 25 year career in product management, product marketing, engineering and user experience (UX) across multiple industries
...
26/04/2024
Teradek, the industry leader in wireless video transmitters and receivers, announced today the launch of new Bolt 6 LT 750 and Bolt 6 Monitor Module 750 RX with...
26/04/2024
NEW YORK Amagi has appointed Richard Perkett chief product officer (CPO)....
26/04/2024
WASHINGTON, D.C. The National Association of Broadcasters (NAB) has announced the results of the 2024 NAB Radio and Television Board of Directors elections. The...
26/04/2024
EL SEGUNDO, Calif. & NEW YORK Mattel has announced a deal to launch its first three 24/7 free ad supported streaming (FAST) channels on Samsung TV Plus, Samsung...
26/04/2024
PORTLAND, Maine Viewers here can now receive the NextGen TV signals of five local stations with the launch of ATSC 3.0 service from host station WPFO, which is ...
Proposed Partnership Includes Twenty-Year Bank Distribution Agreements; 
