Friends Provident takes stake in Malaysian life firm

AmLife comprises the established life operations of AmAssurance Berhad. Consideration will be £30m in cash on completion of the deal. AmAssurance has an established position in agency and bank distribution in Malaysia, with its annualised new life business premiums growing by 18% to £17m for the year to 31 March. This also includes sales growth through bank distribution. Approved by the Malaysian regulators, the agreement is subject to completion of an associated transaction between AMMB Holdings Berhad and Insurance Austria Group (IAG). The agreement also includes provision for a pot...