PARIS, June 22 ― Axa has signed an agreement with Italian rival Generali to sell its insurance businesses in Malaysia for about €140 million (RM691.7 million), the French insurer said today.

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 49.99 per cent in Axa Affin General Insurance and its 49 per 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 30% when the deal is complete. ― Reuters