AXA announced yesterday that it has completed the sale to Generali of its 49.99% shareholding in AXA Affin General Insurance as well as its 49% shareholding in AXA Affin Life Insurance. The deal sees Generali expand in the Malaysian market, here’s the press info from Generali;
Generali has completed the acquisition of the majority stakes in the AXA-Affin joint ventures in Malaysia, therefore becoming a top-tier General Insurer player in the country, in line with its strategy to strengthen its leadership position in high potential markets. Generali has acquired a 70% stake in the AXA Affin Life Insurance joint venture (49% from AXA and 21% from Affin) and an approximate 53% stake in the AXA Affin General Insurance joint venture (49.99% from AXA and 3% from Affin).
The Group has also increased its current 49% stake in MPI Generali Insurans Berhad to 100%, acquiring the shares held by its Malaysian joint venture partner, Multi-Purpose Capital Holdings Berhad (MPHB Capital). Generali plans to integrate the businesses of MPI Generali and AXA Affin Generali Insurance and on completion will hold 70% of the combined business. Affin Bank will hold 30% of both the Life and General Insurance businesses.
All entities will continue to operate under their current brands until the single unified brand “Generali Malaysia” is launched in early 2023.
The acquisitions position Generali as one of the leading insurers in the Malaysian market and will allow Generali to access the country’s Life insurance segment. Generali has also entered into an exclusive bancassurance agreement with Affin Bank for the sale of conventional General and Life insurance products.
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