France-based insurance giant AXA has sold its unit in Malaysia to Italian insurance giant Generali in a deal worth €262 million, media reports said. The deal will see Generali become the second-biggest player in Malaysia’s property and casualty insurance market. It will also pave the way for the Italian insurer to enter the life insurance sector in Malaysia.
According to the deal, AXA will sell its stake of 49.99 percent in AXA Affin General Insurance and its 49 percent stake in AXA Affin Life Insurance. AXA earlier revealed that the deal will be closed in the second quarter of 2022.
Rob Leonardi, regional officer, Generali Asia told the media, “This is an exciting time for Generali in Malaysia and for our growth strategy in Asia. Over the last five years, we have enjoyed working together with our business partner to reshape MPI Generali and now we can further optimise our strategic position, secure economies of scale for more efficient operations and deliver even greater value for our customers.
“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.”
Earlier this month, Generali also completed the acquisition of AXA’s property and casualty insurance and life and savings businesses in Greece for €167 million.