Allianz acquires Aetna’s Thai business
The acquisition is expected to be completed after three months.
Allianz Ayudhya Capital Public Company Limited has agreed to acquire 100% shares of Aetna Thailand, the Thailand health insurance arm of Aetna.
The acquisition will allow Allianz Ayudhya Capital to expand its client base and distribution channels and increase its market share in health insurance, thereby providing a wider range of insurance solutions to customers in Thailand.
According to Allianz Ayudhya Capital, the transaction will not have any immediate impact on cover, products, processes or support services and will not affect existing contracts of Aetna Thailand. Allianz Ayudhya General Insurance Pcl (AAGI), a subsidiary of AYUD, and Aetna Thailand will initially continue to operate as usual, looking after partners and customers, while working on the longer term operational set-up with a focus on a smooth transition for business partners and customers.
Subject to receipt of required shareholders’ approval and the fulfilment or waiver of the other conditions precedent, the transaction is expected to complete within the next 3 months.
“This acquisition demonstrates Allianz Ayudhya Group’s strong financial position, allowing us to significantly expand our presence in the Thai health insurance market. In addition, it brings increasing scale and diversification benefits to our insurance operations. We are very pleased with this acquisition and remain committed to provide the best insurance solutions to serve our customers in Thailand,” Thomas Charles Wilson, CEO of Allianz Ayudhya Group and Allianz Ayudhya Assurance PLC said.
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