AXA Plans To Exit Malaysia - Again

Italian Generali insurance is reportedly in negotiations to acquire several business assets in Malaysia from French rival AXA, for a sum of around €300 million (SG$478.3 million). Generali had been planning to buy several businesses from AXA in Malaysia worth around €700 million, but instead opted to acquire AXA’s non-life insurance operations in the country.

If the deal pushes through, it could make Generali the second-largest P&C insurer in Malaysia.
Asia is a fast-growing market and a focus for Generali. Last month, Generali CEO Philippe Donnet said the company had an M&A war chest of over €2 billion, and was looking at various opportunities while exercising “discipline”.

Meanwhile, in 2019, AXA and its local partner Affin Bank Bhd were reportedly exploring various options, which included a potential sale of their life and general insurance joint ventures.