Malaysia: Foreign insurers reportedly eyeing AXA Affin operations

| 25 Feb 2020

Great Eastern Holdings and Assicurazioni Generali are among potential bidders for the life and general insurance businesses in Malaysia that AXA and Affin Bank own, reported Bloomberg quoting people familiar with the matter.

Great Eastern, which is majority-owned by Oversea-Chinese Banking Corp, and Italy’s Generali are working with their respective advisers on potential offers, said the people, who asked not to be identified as the discussions are private. The first round of bidding is expected to conclude by the end of next month, the people said.

AXA and Affin have been exploring options for their Malaysian joint venture, which could fetch about $650m, Bloomberg News reported last September. They are seeking around $500m for AXA Affin General Insurance, and as much as $150m for AXA Affin Life Insurance, the people familiar with the matter said.

Deliberations are ongoing and the companies could decide not to proceed with an offer, said the people. Representatives for AXA, Generali and Great Eastern declined to comment, while a representative for Affin didn’t immediately respond to requests for comment.

AXA owns 49.99% of the Malaysian general business operations, while Affin Bank holds 49.95%, according to AXA’s website. In AXA Affin Life, Affin controls 51% and the rest belongs to the French insurer.


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