KUALA LUMPUR – AXA Group has entered into an agreement with Generali to sell its insurance operations in Malaysia, including its 49.99% stake in AXA Affin General Insurance and 49% shareholding in AXA Affin Life Insurance.
“The transaction is subject to closing conditions, including the receipt of regulatory approvals, and is expected to close by the second quarter of 2022,” it said in a statement today.
AXA Affin country manager Emmanuel Nivet said the company is positive that its operations in Malaysia will benefit from Generali’s strong presence and expertise.
“This transaction will not affect our existing responsibilities to policyholders and our relationship with business partners. It is business as usual for us, and we remain committed to delivering the best insurance solutions and services to protect our customers.”
Generali Asia’s regional officer, Rob Leonardi, said by pooling AXA Affin’s bancassurance channel with Generali’s expertise in life and general insurance, customers will have access to a more extensive range of products and services.
“We have ambitions to further transform and strengthen our business in this important market, and look forward to working with our customers, employees, agents, partners and distributors on this journey.” – Bernama, June 22, 2021
