Malaysia, greatly increasing its footprint in the country’s general insurance market and giving it access to the life insurance segment.
The Italy-headquartered multinational acquired 70% of AXA Affin Life Insurance (49% from AXA and 21% from Affin) and 53% of AXA Affin General Insurance (49.99% from AXA and 3% from Affin).
Generali also took full control of MPI Generali Insurans Berhad by acquiring the 51% shares held by its Malaysian joint venture partner, Multi-Purpose Capital Holdings Berhad.
Generali said it will integrate the MPI Generali and AXA Affin Generali Insurance companies, resulting in a 70% holding in the combined business. Affin Bank will hold 30% of both the life and general insurance businesses.
All businesses will retain their current branding until the unified identity of Generali Malaysia is launched in early 2023, the insurer said.
“The transactions are fully aligned with Generali’s Lifetime Partner 24: Driving Growth strategy to strengthen our leadership position in high-potential markets,” said Jaime Anchústegui Melgarejo, Generali CEO, International. “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.”
“Thanks to the hard work and dedication of our people we are excited to move on to the next phase of consolidating our position in Malaysia, a high-potential market for Generali in Asia,” said Rob Leonardi, regional officer, Generali 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.”
