France's AXA has agreed to sell its Malaysia insurance unit to Italy’s Generali.
The Paris-headquartered insurer agreed to sell the unit at about 140 million euros ($166.5 million), according to a statement, with expectations for the transaction to complete in the second quarter of 2022.
The deal will see AXA sell its 59.99 percent stake in Axa Affin General Insurance and its 49 percent stake in Axa Affin Life Insurance.
Separately, Malaysian financial firm Affin Bank Berhad said it had agreed with Generali Asia to form a joint venture which will hold the former’s general and life insurance business and the latter’s genera insurance business in Malaysia.
