(Adds details, AMI acquisition)
SYDNEY, April 5 (Reuters) - Insurance Australia Group , Australia’s top car and home insurer, said on Thursday its 49 percent-owned Malaysian associate has received regulatory approval for the proposed acquisition of Kurnia Insurans (Malaysia) Bhd.
The deal, which was announced to the market late last year, would make IAG’s associate, AmG Insurance Berhad, the market leader in the Malaysian motor insurance market.
IAG, which wants to double gross written premium contribution from Asia to 10 percent by 2016, has not disclosed the acquisition price, but said last year it would fund its share of the deal from internal resources.
Malaysian newspaper the Star has reported the deal could be worth $1.8-2.2 billion ringgit ($588-$718 million) based on Kurnia probably selling its general insurance arm at around 2.5 to 3 times the book value of the company.
IAG also announced on Thursday, that it has completed its acquisition of New Zealand’s AMI insurance business. (Reporting by Amy Pyett; Editing by Richard Pullin)