Sun Life and Khazanah acquire CIMB Aviva

By Staff | April 12, 2013 | Last updated on April 12, 2013
1 min read

Sun Life Financial Inc. and Khazanah Nasional Berhad, a Malaysian investment firm, have acquired CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva Takaful Berhad, a company that operates on the Islamic insurance concept, in a deal worth 1.80 billion Malaysian Ringgit ($602 million).

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Under the terms of the agreement, Sun Life gets 49% of the Aviva International Holdings Limited and Khazanah gets CIMB Group Holdings Berhad while CIMB Group retains the remaining 2% shares.

“Sun Life is excited to begin operations in Malaysia,” says Kevin Strain, president, Sun Life Financial Asia. “Along with our partners, we are looking forward to building a company with a culture that is focused on delivering value and excellent service to customers.”

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The transaction includes an exclusive right to distribute insurance products, including takaful (Islamic insurance) products, through CIMB Bank’s network which includes 312 branches across Malaysia.

Byren Innes, senior vice president of NewLink Group, says the acquisition is “a continued good and on-strategy use of the funds from the sale of the U.S. variable annuity business.”

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The staff of have been covering news for financial advisors since 1998.