AmG Insurance grabs No. 1 position after …（AmG保险抓住1号位置后u2026）.pdfVIP

AMMB Holdings Berhad Media Release: 26 September 2012 AmG Insurance grabs No. 1 position after completing Kurnia Insurans acquisition  AmG Insurance Berhad has acquired Kurnia Insurans (Malaysia) Berhad for RM1.627 billion  Creating Malaysia’s leading general insurer and number one motor insurer AMMB Holdings Berhad (AmBank Group) announced today that AmG Insurance Berhad (AmG) has acquired a 100% equity interest in Kurnia Insurans (Malaysia) Berhad (Kurnia) from Kurnia Asia Berhad (now known as KSK Group Berhad). Tan Sri Azman Hashim, Chairman of AmBank Group and AmG commented, “The combined businesses of AmG and Kurnia emerge as Malaysia’s leading general insurer and the clear market leader in motor insurance, delivering significant competitive advantage .” The final cash purchase price paid by AmG in completing the acquisition is RM1.627 billon, comprising the base price of RM1.55 billon plus a sum of RM77 million for the increase in net assets (NA) of Kurnia from RM759 million (adjusted) as of 30 June 2011 to RM836 million as at the completion accounts date of 30 June 2012. Based on the completion NA of RM836 million, the final purchase price of RM1.627 billion gives rise to an implied price to book multiple of 1.95 times, but with the benefit of any NA increase in Kurnia from 1 July 2012 accruing wholly to AmG. The RM1.627 billion cash purchase price was funded by AmG entirely with capital funds injected proportionately by its shareholders (51% by AmBank Group and 49% by Insurance Australia Group Limited (IAG), AmBank Group’s strategic partner in AmG). Mr Ashok Ramamurthy, Group Managing Director of AmBank Group said, “This acquisition is consistent with our strategy to accelerate business mix changes with a focus on growing non-interest income, and aggressively invest for sustai