Singaporean insurer, Great Eastern, is on the path of expansion with potential sights set on acquiring AmMetLife Insurance, MetLife’s Malaysian venture. Great Eastern, a subsidiary of OCBC Bank, is reportedly performing due diligence checks on the prospective acquisition and seeking necessary regulatory approvals to finalize the agreement. The deal could potentially evaluate AmMetLife between US$250 million to US$300 million, as per insiders familiar with the situation.
AmMetLife is a joint venture between US-based insurance giant MetLife and AMMB Holdings, listed in Kuala Lumpur. Despite being in advanced discussions, the potential acquisition remains delicate, as there is a possibility the deal might not come to fruition.
This prospective deal isn’t Great Eastern’s first attempt at acquiring AmMetLife. The Singaporean insurer had shown interest in buying the insurance unit in the previous year, even as Zurich Insurance Group AG was reported as a possible contender for a majority stake.
MetLife and AMMB Holdings formed AmMetLife Insurance in 2014. The venture began considering a possible divestment in 2020, with Great Eastern expressing interest in purchasing the unit in 2022. However, Zurich Insurance Group appeared as a potential candidate to buy the majority stake.
The possible acquisition news follows on the heels of Great Eastern’s significant brand positioning refresh, a result of comprehensive research involving over 2000 consumers across Singapore, Malaysia, and Indonesia conducted over the past two years. The insurer’s updated tagline, ‘Reach for Great,’ reflects its commitment to enhance customer-centricity through strategic investments in digital transformation.
Great Eastern, in collaboration with Superunion, developed a new visual identity featuring a unique headline typeface, color strategy, and illustration style to communicate the brand repositioning to its customers. The refreshed visuals, inspired by Great Eastern’s first brand logo from the 1900s, include a heritage crest, emphasizing the insurer’s established reputation as a trusted and inspiring insurance brand in the region.
This news article is based on a report from Marketing Interactive.