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