AXA goes for commercial business growth in Malaysia

by Gill Montia

Story link: AXA goes for commercial business growth in Malaysia

AXA has announced that its Malaysian subsidiary, AXA Affin General Insurance Berhad, has received approval from Bank Negara Malaysia (the country’s central bank), to acquire 80% of BH Insurance Berhad.

AXA general insurance chief executive officer, Jan van den Berg, describes the move as “important for the long-term growth of AXA in Malaysia” because it will support the group’s plans to expand its commercial insurance business in the country.

He is also hopeful that combined expertise in both retail and commercial business and a larger pool of talent in both companies will allow the group to take its place among Malaysia’s top five general insurers before long.

BH Insurance employs around 300 staff and transacts a wide range of general insurance solutions, both commercial and personal protection.

The purchase is being made from Malaysian conglomerate, Boustead Holdings Berhad, and 20% from Felda Marketing Services Sdn Bhd.

The deal will complete on approval from the respective shareholders, although the three parties expect to sign the relevant legal agreements “soon”.

Regulatory and legal approvals will also be needed.