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AIA Group CEO says it is not in talks to reduce stake in Malaysian unit

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AIA Group CEO says it is not in talks to reduce stake in Malaysian unit

AIA Group Ltd. is not in discussions to reduce its stake in its Malaysian unit, The Star reported Oct. 9, citing Ng Keng Hooi, AIA Group's CEO and president.

"There is no conversation. Anywhere we operate in, we want to own as much as we can," Ng told the publication. AIA Group has a 100% stake in AIA Malaysia.

Speculation about the insurer reducing its stake came after Malaysia's central bank ordered foreign insurers to reduce their holdings to 70% by the end of June 2018. Other foreign insurers are looking to sell part of their stakes in their Malaysian units, Bloomberg News reported in July.