According to reports, Italian-headquartered insurance firm Generali is in negotiations to acquire several business assets in Malaysia from French rival AXA, for a sum of around €300 million.
According to sources, among them Insurance Business, Generali had been planning to buy several businesses from AXA in Malaysia worth around €700 million, but instead opted to acquire AXA’s non-life insurance operations in the country.
If the deal pushes through, it could make Generali the second-largest P&C insurer in Malaysia, Insurance Business noted. “Asia is a fast-growing market and a focus for Generali,” a source was quoted as saying.
Elsewhere, in February, Aviva France was sold to Aéma Groupe for €3.2 billion.