Generali Malaysia to invest in tech, new products

Benard said the group plans to invest mainly in technology, new products and solutions to meet the local prudential solvency requirements.

PETALING JAYA: Generali Malaysia aims to become one of Malaysia’s largest general insurers and emerging life insurers following its business integration with Affin Bank Bhd.

The group has successfully acquired a controlling stake in AXA Affin General Insurance Bhd and completed the purchase of MPI Generali Insurance Bhd.

“With a total transaction of RM1.29bil, this makes it one of Malaysia’s most prominent merger and acquisition transactions,” said Generali International Asia regional officer Roberto Leonardi at the launch of Generali Malaysia yesterday.

As the group plans on focusing on its two-year integration plan, Generali had integrated its business under a single brand known as Generali Malaysia on April 1, 2023.

Leonardi said that the group plans to invest mainly in technology, new products and solutions to meet the local prudential solvency requirements.

He also mentioned that Generali will inject capital expenditure to meet those requirements as the business grows.

“We will continue to invest in the businesses, in the people and the technology.

“We will also make sure that we support the capital requirements necessary to run an insurance company or insurance companies in the market on life and the primary and non-contributory side,” Leonardi said.

He added that the group will invest more in the life segment, as Generali has a much more aggressive expansion plan for it, followed by significant technological changes that are needed for the segment.

Meanwhile, Generali Insurance Malaysia Bhd chief executive officer and country head for Generali Entities in Malaysia Fabrice Benard said as of now, the group had managed to create two new companies, namely, AXA Affin General Insurance Bhd and MPI General Insurance.

He said this was Generali’s first milestone towards its integration plan, which was then followed by the group achieving a successful system migration soon after.

“So for the moment, it’s about integration, standardisation, protecting our customers and our agents,” Benard added.

The integration plan is expected to be completed by end-2024. The Italy-based insurer has over 190 years of insurance heritage and experience and has operations in more than 50 countries and employs 82,000 people to serve 68 million consumers.