KUALA LUMPUR: Affin Bank Bhd has completed the disposal of part of its equity interest in AXA Affin Life Insurance Bhd (AALI) and AXA Affin General Insurance Bhd (AAGI) to Generali Asia N.V. (Generali).
Affin, in a statement, said the said disposal together with the sale by AXA of its entire equity interest in AALI and AAGI saw Generali became Affin Bank’s new joint venture partner in the insurance operations.
Following the completion of the disposal, Affin Bank and Generali plan to integrate the businesses of MPI Generali Insurance Berhad and AAGI.
On full integration, Affin Bank will hold 30% equity interest in both AAGI and AALI.
The combined General Insurance entity is expected to be second largest among the general insurance providers with an estimated gross written premiums of more than RM600mil in 1Q23 alone.
Affin Bank has also signed a 15-year bancassurance distribution agreement with AAGI/AALI for the distribution of the general insurance/life insurance products through Affin Bank’s channels in Malaysia.
“We are pleased to join forces with Generali, one of the largest insurance provider globally, to further expand our insurance capabilities in Malaysia and build a more complete banking and wealth management platform for both corporate and retail clients.
“Our bancassurance partnership with Generali showcases Affin Bank’s commitment to offering holistic financial solutions to our customers and enhance the overall customer experience,” president and group chief executive officer Datuk Wan Razly Abdullah said.
