The termination of the agreement was mutually agreed upon by AMMB, MetLife and Great Eastern. Credit: chaylek/Shutterstock.

AMMB Holdings has cancelled its proposed $249.61m (RM1.11bn) sale of Malaysian insurance businesses to Singapore’s Great Eastern.

The deal, announced in October 2023, involved the transfer of AmMetLife Insurance Berhad and AmMetLife Takaful Berhad from AMMB and its joint venture partner MetLife to Great Eastern’s subsidiaries.

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This termination of this agreement was mutually agreed upon by AMMB, MetLife and Great Eastern, although the reasons for the cancellation were not disclosed.

The initial agreement outlined that Great Eastern Life Assurance (Malaysia) would acquire a 100% stake in AmMetLife Insurance, and Great Eastern Takaful would take over AmMetLife Takaful entirely.

Additionally, the deal was set to include exclusive 20-year bancassurance and bancatakaful distribution agreements, leveraging AMMB’s banking units AmBank Islamic and AmBank (M) to distribute life insurance and family takaful solutions across Malaysia.

The overall value of the proposed acquisition and distribution alliance was estimated at around RM1.12bn.

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Meanwhile, in December 2024, MetLife and private equity firm General Atlantic teamed up to launch Chariot Re, a Bermuda-based Class E life and annuity reinsurance company. 

The new entity, due to launch in the first half of 2025, will initially have more than $1bn in equity investment.

Initially, MetLife plans to reinsure nearly $10bn in liabilities to Chariot Re. This includes structured settlement annuity contracts as well as group annuity contracts from pension risk transfers.