Allianz Ayudhya Capital PCL (AYUD) has entered into an agreement to acquire 100% of shares of Aetna Thailand, a prominent player in the Thai health insurance market.
The acquisition reaffirms the company’s commitment to further invest and expand its health insurance business to benefit customers in Thailand.
The proposed acquisition will allow AYUD to expand its client base and distribution channels and increase its market share in health insurance, thereby providing a wider range of insurance solutions to customers in Thailand. The transaction will not have any immediate impact on cover, products, processes or support services and will not affect existing contracts of Aetna Thailand. Allianz Ayudhya General Insurance Pcl (AAGI), a subsidiary of AYUD, and Aetna Thailand will initially continue to operate as usual, looking after partners and customers, while working on the longer term operational set-up with a focus on a smooth transition for business partners and customers. Subject to receipt of required shareholders’ approval and the fulfilment or waiver of the other conditions precedent, the transaction is expected to complete within the next three months.
Thomas Charles Wilson, CEO of Allianz Ayudhya Group and Allianz Ayudhya Assurance PLC, said “This acquisition demonstrates Allianz Ayudhya Group’s strong financial position, allowing us to significantly expand our presence in the Thai health insurance market. In addition, it brings increasing scale and diversification benefits to our insurance operations. We are very pleased with this acquisition and remain committed to provide the best insurance solutions to serve our customers in Thailand.”
Damian Delaney, Managing Director & CEO, Aetna International Thailand, added “This is positive news for our respective companies, our customers and staff in Thailand. By joining the Allianz Ayudhya Group our partners and members will benefit from our shared expertise in a customer-first approach to health insurance and health services. We can look forward to joining forces to further advance our combined mission of helping the residents of Thailand on their paths to better health.”
Allianz Ayudhya Capital Public Company Limited is a listed company at the Stock Exchange of Thailand, under the ticker symbol AYUD. Its subsidiary Allianz Ayudhya General Insurance Pcl and affiliated company Allianz Ayudhya Assurance Pcl offer a wide range of insurance solutions across the Non-Life and Life segment serving more than 1.9 million customers in Thailand.
Asia is one of the core growth regions for Allianz, characterized by a rich diversity of cultures, languages and customs. Allianz has been present in the region since 1910, when it first provided fire and marine insurance in the coastal cities of China. Today, Allianz is active in 15 markets in the region, offering its core businesses of property and casualty insurance, life, protection and health solutions, as well as asset management. With its more than 36,000 staff, Allianz serves the needs of over 21 million customers in the region across multiple distribution channels and digital platforms.
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