AXA, Affin mull selling insurance businesses for RM2.72bil

Quoting sources, Bloomberg reported that the parties are looking to sell AXA Affin General Insurance Bhd for US$500mil and AXA Affin Life Insurance Bhd for US$150mil.Both financial institutions are in the midst of engaging with advisers for the transaction

PETALING JAYA: Following the government’s decision to pare down foreign insurance players’ ownership in their Malaysian businesses, AXA SA and Affin Bank Bhd are reportedly mulling the sale of their general and life insurance businesses in Malaysia.

Quoting sources, Bloomberg reported that the parties are looking to sell AXA Affin General Insurance Bhd for US$500mil and AXA Affin Life Insurance Bhd for US$150mil.Both financial institutions are in the midst of engaging with advisers for the transaction.