Generali completes acquisition of AXA Malaysia joint ventures

Italian Assicurazioni Generali for financial services has completed the acquisition of 70 percent of stakes in the AXA-Affin Life Insurance joint ventures in Malaysia, AXA announced in a statement on Tuesday.

The statement clarified the acquisition includes 49 percent from AXA and 21 percent from Affin.

The company also acquired 53 percent of AXA Avene General Insurance shares, buying 49.99 percent of AXA and 3 percent of Avene Bank.

Axa Affin General Insurance and Axa Affin Life Insurance deal had combined sum of €150 million ($150.4 million).

Generali considers the largest general insurance players in Malaysia – a country with strong potential for further growth thanks to its current low insurance penetration, its CEO Jaime Anchústegui, said.