Axa completes sale of Malaysian insurance operations

Insurer Axa has completed the sale of its Malaysian insurance operations to global insurance and asset management firm Generali, for an estimated total cash proceeds of €140m (£117.6m).

The insurer’s Malaysian operations comprised of two joint ventures with Affin Bank Berhad, a commercial bank in Malaysia.

This included a 49.99% shareholding in Axa Affin General Insurance and a 49% shareholding in Axa Affin Life Insurance. In both instances, Affin Bank Berhad owns the remainder of the shares.

Operations pertaining to Axa XL and Axa Partners in Malaysia are not within the scope of the deal, which was first announced back in June 2021.

• Insurance Times has converted euro amounts into pounds using an exchange rate of £1 = €1.19, which was correct as of 1 August 2022.