AXA has announced today that it has entered into an agreement with Generali to sell its insurance operations in Malaysia, which include its 49.99% shareholding in AXA Affin General Insurance (“AAGI”) and 49% shareholding in AXA Affin Life Insurance (“AALI”).
Under the terms of the agreement, AXA will sell its ownership in AAGI and AALI for total cash proceeds of RM 688 million* (or Euro 140 million*).
The transaction is subject to closing conditions, including the receipt of regulatory approvals, and is expected to close by 2Q 2022.
AXA’s presence in Malaysia is currently comprised of two joint ventures with Affin Bank Berhad – (1) AAGI (49.99% owned by AXA, 49.95% by Affin Bank), and (2) AALI (49% owned by AXA, 51% by Affin Bank).
AAGI ranks 5th in the Malaysian P&C insurance market* with a 7.9% market share, and AALI ranks 11th in the Malaysian Life insurance market.
The IFRS gross revenues and underlying earnings of AAGI recorded in the AXA Group’s FY20 consolidated financial statements were Euro 284 million and Euro 9 million respectively. AALI is not consolidated in AXA Group’s financial statements.