Belgium-based Fortis Group has confirmed its continued ownership of 100% participation in Fortis Insurance International, which comprises its wholly owned insurance activities in the UK, France and Hong Kong and its joint ventures in Luxembourg, Portugal, China, Malaysia, India and Thailand.
Fortis Group said that Fortis Insurance International and its insurance activities worldwide will remain as assets of the group. As such, Fortis Insurance International is not affected by the recent sale of the Fortis banking and Belgian insurance activities in Europe.
In Malaysia, Fortis Insurance International operates in a joint venture with Maybank through Mayban Fortis Holdings. Under the joint venture, Maybank holds 69.05% equity while Fortis Insurance International holds the remaining 30.95%.
Mayban Fortis is the holding company for the insurance and takaful business of the Maybank Group. In 2001, Maybank and Fortis Insurance International signed a joint venture agreement to develop bancassurance in Malaysia. In addition, this joint venture is regulated and governed by a shareholders’ agreement which provides the relevant and sufficient protection to Maybank. The insurance and takaful business of Mayban Fortis operates under the brand name of Etiqa.