AYUD’s subsidiary Allianz Ayudhya General Insurance (AAGI) and Aetna Thailand will initially continue to operate as usual. Credit: Scott Graham on Unsplash.

Allianz Ayudhya Capital (AYUD) has agreed to acquire Aetna Thailand in a bid to further bolster its presence in the Thai insurance market.

As per the terms of the agreement, Allianz Ayudhya will purchase 100% shares of Aetna Thailand. However, financial details of the deal have not been made public by the companies.   

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Through this deal, Allianz Ayudhya Capital intends to grow its customers base as well as distribution channels in Thailand.

The deal will also allow the company to augment its market share in Thai health insurance market and offer a wider variety of insurance products.

Allianz Ayudhya added that the deal will not have any ‘immediate impact’ on cover, products, processes or support services.

Allianz Ayudhya Group and Allianz Ayudhya Assurance CEO Thomas Charles Wilson said: “This acquisition demonstrates Allianz Ayudhya Group’s strong financial position, allowing us to significantly expand our presence in the Thai health insurance market.

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“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.”

Initially, AYUD’s subsidiary Allianz Ayudhya General Insurance (AAGI) and Aetna Thailand will continue to operate as usual but will work on the longer-term operational set-up and ensure a hazzle free business transition.

Aetna International Thailand managing director and CEO Damian Delaney said: “This is positive news for our respective companies, our customers and staff in Thailand.

“By joining the Allianz Ayudhya Group our partners and members will benefit from our shared expertise in a customer-first approach to health insurance and health services.

“We can look forward to joining forces to further advance our combined mission of helping the residents of Thailand on their paths to better health.”

The deal, which is subject to receipt of required shareholders’ approval, is slated to conclude within the next three months.