Generali Malaysia aims to become one of the largest general insurers and emerging life insurers in Malaysia following its business integration with Affin Bank Bhd.
Generali Group successfully acquired the controlling majority of AXA Affin joint ventures in Malaysia and completed the purchase of MPI Generali Insurans Berhad.
The transaction values the acquired companies at around RM1.29 billion (EUR 262 million), making it one of the largest Mergers & Acquisitions (M&A) transactions in Malaysia in recent years, according to the Group.
As of April 1, 2023, the businesses have been merged under one, unified brand – Generali Malaysia.
This merger, the company highlighted, positions Generali Malaysia as one of the largest general insurers and emerging life insurers in Malaysia, expanding its footprint in a competitive market.
Roberto Leonardi, Generali International Asia Regional Officer, commented that “As a combined entity, we look forward to enhancing the Generali experience and becoming Lifetime Partners to our customers in Malaysia, as well as making positive contributions to communities that we serve.”
“This is an important milestone for Generali in Malaysia and the region. It highlights our commitment and dedication to Asia and the importance we place on Malaysia as one of the markets with high growth potential in the region,” added by Jaime Anchustegui Melgarejo, CEO, Generali International.
Generali Malaysia emphasizes its commitment to further expand its offerings and better serve the needs of customers. With a focus on protection, medical coverage, savings, and estate planning, its Life segment offers customers coverage needs for every stage of life.
According to the announcement, the launch of Generali Malaysia is fully in line with Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy to strengthen its leadership position in Malaysia – a country with strong potential for growth. with economic growth and current penetration of lower insurance.
Holding a strong vision for the future, Generali affin Malaysia hopes to play an active role in contributing to the growth and development of the Malaysian economy.