Sun Life Financial Inc. and Khazanah Nasional Berhad completed the acquisition of CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva Takaful Berhad, a Malaysian takaful company, following regulatory approvals in Malaysia and Canada.
Sun Life and Khazanah have each acquired 49 percent of the Company from Aviva International Holdings Limited and CIMB Group Holdings Berhad (CIMB Group), respectively, with CIMB Group retaining a two percent share in the Company. The transaction includes an exclusive right to distribute insurance products, including takaful products, through CIMB Bank’s network across Malaysia. This network includes 312 branches across the country and eight million customers. The transaction is valued at 1.80 billion Malaysian Ringgit (C$602 million).
Ooi Say Teng will lead the Company and will be named CEO of CIMB Aviva Assurance Berhad. Ooi has more than 30 years of experience in the Malaysian insurance industry.
