Business

AXA offloads Malaysia branches to Generali

Under the terms of the agreement, AXA will sell its ownership in AAGI and AALI for total cash proceeds of RM 688m (£119m)

AXA Insurance has entered into an agreement with Generali to sell its insurance operations in Malaysia, which include its 49.99% shareholding in AXA Affin General Insurance (AAGI) and 49% shareholding in AXA Affin Life Insurance (AALI).

Under the terms of the agreement, AXA will sell its ownership in AAGI and AALI for total cash proceeds of RM688m (£119m). 

AXA’s presence in Malaysia currently comprises two joint ventures with Affin Bank Berhad AAGI (49.99% owned by AXA, 49.95% by Affin Bank), and AALI (49% owned by AXA, 51% by Affin Bank).

AAGI ranks 5th in the Malaysian P&C insurance market with a 7.9% market share, and AALI ranks 11th in the Malaysian life insurance market. 

The transaction is subject to closing conditions, including the receipt of regulatory approvals, and is expected to close by 2Q 2022.

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