AXA to sell insurance operations in Malaysia

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

Under the terms of the agreement, AXA will sell its ownership in AAGI and AALI for total cash proceeds of EUR140million.

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