Generali completes AXA Affin JV acquisition

Generali has completed the acquisition of the majority stakes in the AXA-Affin joint ventures in Malaysia.

Generali has acquired a 70 percent stake in the AXA Affin Life Insurance joint venture (49 percent from AXA and 21percent from Affin) and an approximate 53 percent stake in the AXA Affin General Insurance joint venture (49.99 percent from AXA and three percent from Affin).

The Group has also increased its current 49 percent stake in MPI Generali Insurans Berhad to 100 percent, acquiring the shares held by its Malaysian joint venture partner, Multi-Purpose Capital Holdings Berhad (MPHB Capital).

Generali plans to integrate the businesses of MPI Generali and AXA Affin Generali Insurance and on completion will hold 70 percent of the combined business. Affin Bank will hold 30 percent of both the Life and General Insurance businesses.

Jaime Anchústegui Melgarejo, CEO International of Generali, said: “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.”