Great Eastern’s Malaysian subsidiaries have scrapped their planned acquisition of AmMetLife Insurance and AmMetLife Takaful, the insurer said in a bourse filing on Monday. The parties have mutually agreed to terminate the implementation agreement, first announced in October 2023. The deal, valued at MYR1.1bn (USD247m) in cash, would have included 20-year bancassurance and bancatakaful agreements for distributing life insurance and family takaful products through AMMB Holdings’ banking network. AMMB Holdings, part of the AmBank group, operates across retail, business, and investment banking. The proposed acquisition aimed to fully integrate AML and AMT under Great Eastern Life Assurance (Malaysia) and Great Eastern Takaful. As of March 31, 2023, AML and AMT had a combined net asset value of MYR819m.