The said disposal, together with the sale by AXA of its entire equity interest in AALI and AAGI, saw Generali become Affin Bank’s new joint-venture (JV) partner in the insurance operations.

In a statement today, Affin Bank said following the completion of the disposal, the bank and Generali will integrate the businesses of MPI Generali Insurance Bhd and AAGI which will see the former have a 30% equity interest in both AAGI and AALI.

“The combined general insurance entity is expected to be second largest among the general insurance providers with estimated gross written premiums of more than RM600 million for the first quarter 2023 alone,” it said.

Earlier today, Affin Bank also signed a 15-year bancassurance distribution agreement with AAGI/AALI for the distribution of the general insurance/life insurance products through the bank’s channels in Malaysia.

“We are pleased to join forces with Generali, one of the largest insurance providers globally, to further expand our insurance capabilities in Malaysia and build a more complete banking and wealth management platform for both corporate and retail clients.

“Our bancassurance partnership with Generali showcases Affin Bank’s commitment to offering holistic financial solutions to our customers and enhancing the overall customer experience,” said Affin Bank president and group CEO Wan Razly Abdullah.

Meanwhile, Generali International Asia regional officer Rob Leonardi said the partnership with Affin Bank allows the company to consolidate its position in Malaysia, a high potential market for Generali in Asia.

“This is a unique opportunity to combine our talents and resources to create a unified brand that will have the scale, breadth, and capabilities to compete more effectively and profitably in the Malaysian insurance market, and provide greater value for our customers,” he said.