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 (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.
Expanding the company’s presence in Thailand
Thomas Charles Wilson, CEO of Allianz Ayudhya Group and Allianz Ayudhya Assurance PLC, commented: “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 and 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.”