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France's Axa to sell Malaysia insurance businesses to Generali

PARIS/KUALA LUMPUR -Axa has signed an agreement with Italian rival Generali to sell its insurance businesses in Malaysia for about 140 million euros (US$166.64 million), the French insurer said on Tuesday.

In a statement, Axa said it expected to close the transaction by the second quarter of 2022.

The pact will see Axa sell its stake of 49.99per cent in Axa Affin General Insurance and its 49per cent shareholding in Axa Affin Life Insurance.

In a separate statement, Affin Bank Berhad said it and Generali Asia had agreed to form a new joint venture encompassing Affin’s general and life insurance businesses and Generali’s general insurance business in Malaysia.

Affin’s eventual shareholding in the merged company will be reduced to 30per cent when the deal is complete.

(US$1=0.8401 euros)

(Reporting by Matthieu Protard in Paris and Liz Lee in Kuala Lumpur; Editing by Clarence Fernandez)

Source: Reuters

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