KUALA LUMPUR: Affin Bank Bhd and Generali Asia N.V. (Generali) have agreed to form a joint venture to develop their life and general insurance businesses in Malaysia. In a statement today, Affin said it has agreed to dispose of 21.00 per cent equity interest in AXA Affin Life Insurance Bhd and approximately 2.95 per cent equity interest in AXA Affin General Insurance Bhd (AAGI) to Generali. "From the AAGI Merger, there will be enhanced brand equity for Affin via ownership of a larger scale general insurer in Malaysia,” said Affin. According to Affin, MergeCo is expected to be the second biggest general insurance provider with an estimated gross written premium (GWP) of more than RM2.0 billion and total assets of more than RM6.0 billion. "By pooling Affin’s bancassurance channel with Generali’s expertise in life and general insurance, our customers will have access to a more extensive range of products and services.

Source: The Star June 22, 2021 07:07 UTC