MAA Group sells 85% stake in Philippine arm

MAA Group will exit the nonlife insurance business entirely.

Malaysian-based MAA Group sold 85% of its Filipino arm worth $49.3m to Triple P Philippines.

Additionally, MAA Group has granted Triple P an option for the sale of the remaining 102,318 MAA General Assurance Philippines (MAAGAP) shares (Option Shares), representing a 15% equity interest in MAAGAP, under the terms and conditions outlined in the SSPA.

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The proposed disposal will result in MAAGAP, a subsidiary of MAA Group, exiting the nonlife insurance business in the Philippines.

Upon completion of the disposal and/or exercise of the option, MAAGAP will cease to be a subsidiary of MAA Group, and MAA Group will exit the nonlife insurance business entirely.