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ING Agrees to Sell Malaysia Unit to AIA Group

AIA Group Ltd., the third-largest Asia-based insurer, agreed to buy ING Groep NV’s insurance business in Malaysia for about 1.3 billion euros ($1.7 billion) in its largest acquisition as a listed company.

The purchase will boost the percentage of profit AIA gets from Malaysia to 13 percent from 8 percent, it said in a statement. Separately, AIA said its value of new business rose 22 percent in the third quarter to a record $300 million.