Generali closes on AXA’s Malaysian units, will take 70% in JV with Affin
Generali has completed its purchase of majority stakes in AXA-Affin joint ventures in Malaysia, including ca. 49% stakes from the French multinational insurer plus smaller stakes from the local Malaysian partner Affin.
Generali will end up with 70% stakes in both the AXA Affin Life Insurance joint venture and AXA Affin General Insurance, the latter after integration with the general insurance JV, MPI Generali Insurans Berhad, which it already shares with another Affin unit.
Affin Bank will hold 30% of both the Life and General Insurance businesses and have exclusive rights for bancassurance sales for conventional general and life products.
The units will rebrand to “ Generali Malaysia” in early 2023.
Generali hails the move as emblematic of its drive to “strengthen its leadership position in high potential markets.”
“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,” management wrote in its statement.
Generali's CEO of international Jaime Anchústegui Melgarejo (pictured) commented: “The transactions are fully aligned with Generali's ‘Lifetime Partner 24: Driving Growth’ strategy to strengthen our leadership position in high potential markets. We are now one of the largest General Insurance players in Malaysia – a country with strong potential for further growth thanks to economic development and its current low-insurance penetration.”
Generali Asia regional officer Rob Leonardi added: “We are excited to move onto the next phase of consolidating our position in Malaysia, a high potential market for Generali in Asia. This is a unique opportunity to combine our talents and resources to create a unified brand that will have the scale, breadth, and capabilities to compete more effectively and profitably in the Malaysian insurance market, and provide greater value for our customers.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
