Generali completed the acquisition of a majority stakes in AXA Affin Life and AXA Affin General from AXA and Affin for $311m.

Generali, an Italian insurance company, completed the acquisition of a 70% stake in AXA Affin Life, a life insurance company, and a 53% stake in AXA Affin General, a full line insurance company, from AXA, an insurance firm, and Affin, a financial holding company, for $311m. The acquisitions positions Generali as the second P&C insurer by market share and help with entering the country’s life insurance segment. “The transactions are fully aligned with Generali’s strategy to strengthen its leadership position in high potential markets, like Malaysia, which represents a very attractive opportunity as it is home to a growing middle-class population and with an insurance penetration rate that is still relatively low compared to other more mature markets in the Asian region,” Jaime Anchústegui Melgarejo, Generali Group CEO.