Generali: reinforces business in Malaysia

(CercleFinance.com) - Generali announced Tuesday that it has reached an agreement with AXA to acquire the French group's insurance business in Malaysia.


The scope of the deal includes AXA's 49.99% stake in the AXA Affin GeneralInsurance (AAGI) joint venture and Affin's 21% stake, which will give the Italian insurer a 70% stake in the company.

The transaction also concerns the 49% held by AXA in AXA Affin Life Insurance (AALI), as well as Affin's 3% in the same structure, resulting in a total stake of 53% in this company.

At the same time, Generali says that it intends to buy the shares of its partner MPHB Capital in their joint venture MPI Generali Insurans Berhad (MPI Generali).

In all, these operations are estimated to be worth 262 million euros, an investment that will enable Generali to create two entities in Malaysia: one dedicated to property and casualty insurance and the other to the life insurance segment.


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