Generali launches Malaysia unit post-acquisition of AXA Affin

The transaction valued the acquired companies at RM1.29b.

Generali Group has launched Generali Malaysia after its acquisition of a controlling majority in the AXA Affin joint ventures in Malaysia and 100% gain of MPI Generali.

The value of acquiring the companies came at RM1.29b (US$290m).

This makes it one of the biggest mergers and acquisitions in Malaysia so far.

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Since 1 April, the businesses have been infused into one brand, Generali Malaysia.

“The launch of Generali Malaysia is to create a unified, customer-focused brand that can provide comprehensive insurance solutions across the full spectrum of products from general to life insurance. We aim to have a significant presence in the market and be one of the top general insurers in the country,” said Fabrice Benard, Chief Executive Officer, Generali Insurance Malaysia Bhd and Country Head for Generali Entities in Malaysia.

(RM1 = US$0.22)