Years of poor Leadership, mismanagement and gross abuse on its agency members - AXA SA and Affin Bank Bhd are reportedly mulling the sale of their general and life insurance businesses in Malaysia.
The parties are looking to sell AXA Affin General Insurance Bhd for US$500mil and AXA Affin Life Insurance Bhd for US$150mil.Both financial institutions are in the midst of engaging with advisers for the transaction.
Given that the developing deal is at a preliminary stage, it is likely that AXA and Affin could maintain their holdings in the general and life insurance businesses.
AXA Affin General Insurance is 49.99% owned by AXA, with the remaining being owned by Affin. On the other hand, Affin is the majority shareholder of AXA Affin Life Insurance with a 51% equity.
According to AXA Affin General Insurance’s annual report 2018, it posted a net income of RM100mil and RM1.44bil in gross earned premiums in 2018. Meanwhile, AXA Affin Life Insurance registered a lower loss of RM8.1mil in 2018, as compared to a loss of RM17.7mil in the previous year. AXA Affin Life Insurance achieved gross premiums of RM463.4mil in 2018.
According to AXA Affin General Insurance’s annual report 2018, it posted a net income of RM100mil and RM1.44bil in gross earned premiums in 2018. Meanwhile, AXA Affin Life Insurance registered a lower loss of RM8.1mil in 2018, as compared to a loss of RM17.7mil in the previous year. AXA Affin Life Insurance achieved gross premiums of RM463.4mil in 2018.
