Sun Life and Khazanah to pay $600 million for Malaysian insurer

The deal values CIMB Aviva at a generous premium, but the real prize is a long-term bancassurance deal with CIMB.

Sun Life Financial, Canada’s third-biggest insurer, has teamed up with Khazanah Nasional to buy 98% of CIMB and Aviva’s Malaysian life insurance joint venture in a deal valued at M$1.8 billion $600 million.

Under the terms of the proposed deal, Khazanah and Sun Life will each own 49% of the business, which includes CIMB Aviva Assurance and CIMB Aviva Takaful, an Islamic insurer. The price tag also includes a new 20-year exclusive bancassurance agreement...

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