In Malaysia, AXA strengthens its position on the P&C market

AXA announces that its Malaysian subsidiary, AXA Affin General Insurance Berhad has received the approval from Bank Negara Malaysia, to acquire 80% of BH Insurance Berhad from Boustead Holdings Berhad and 20% from Felda Marketing Services Sdn Bhd.

The three parties, AXA Affin General Insurance, Boustead Holdings and Felda Marketing will soon sign the relevant legal agreements. The completion of the acquisition is expected to take place upon approvals of the respective shareholders. Integration of the two insurers' business will commence after regulatory and legal approvals.

 "This acquisition is important for the long-term growth of AXA in Malaysia," says Jan van den Berg, CEO of AXA Asia General Insurance and board member of AXA Affin General Insurance. "It is also a very good opportunity for us to build a stronger presence for general insurance in Asia.

" Referring to BH Insurance's expertise in commercial insurance, AXA Affin General Insurance is looking to expand in this sector. "The business portfolio and market sectors of the two companies complement each other and the combined strengths will reinforce our position in the market," says Jahanath Muthusamy, CEO of AXA Affin General Insurance.

"The combined expertise in both retail and commercial business and a larger pool of talent in both companies will enable us to provide better service and product offering to our clients,' says Jahanath.

"With close to 6% of the market share now, the company has the aspiration to be in the Top Five position in the very near future."