Investor Presentaiton
Disposal of AmGen
| Disposal of AmGen - Update as at 30 Sep 2022
Estimated Loss on Disposal
RM'mil
Estimated final cash consideration
Add: Consideration in shares
Total consideration before non-cash estimated true up
Less: Net assets, goodwill and expenses (refer to Note A29 of the financial statements)
! Estimated loss on disposal as shown in Noll
Impairment of Kurnia Brand, agent relationship & other assets, pre-tax¹
Estimated losses, pre-tax
Add: Deferred tax reversal
Estimated losses, post-tax
Add: Minority Interest (MI) share of losses - 49%
| Estimated loss after MI and tax
To recap:
1.
AMMB disposed AGIB to LIB for a total consideration of RM2,355 million*
2.
IAG exits completely. AMMB and LIB own 30% and 70% equity interest respectively
in the combined AGIB/LIB business
3.
4.
AMMB received RM286.9 million cash consideration and 30% equity interest valued
at RM958.2 million*
AMMB to account for this 30% equity interest as an associate undertaking
5. AMMB entered into a 20-year bancassurance partnership with LIB
* Numbers updated to reflect position as of 30 Sept 2022
AmBank Group
H1FY23 Results - Investor Presentation
21% Divestment in AmGen
1,396.7
958.2
2,354.9
(2,408.8)
(53.9) 1
(116.0)
(169.9)
31.6
(138.3)
88.6
(49.7)
1. Impairment of Kurnia Brand, agent relationship & other assets of RM116.0mil (pre-tax)
"
AMMB: AMMB Holdings Bhd
"
AGHB: AmGeneral Holdings Bhd
" AGIB: AmGeneral Insurance Bhd ("AmGen")
"
IAG: IAG International Pty Ltd
"
LIB: Liberty Insurance Bhd
LMIC: Liberty Mutual Insurance Company
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