Bernama February 23, 2010 15:15 PM
KUALA LUMPUR, Feb 23 (Bernama) -- AXA Affin General Insurance Bhd has received the approval from Bank Negara Malaysia to acquire 80 per cent of BH Insurance (M) Bhd from Boustead Holdings Bhd and 20 per cent from Felda Marketing Services Sdn Bhd.
In a statement on Tuesday, the company said AXA Affin, Boustead Holdings and Felda Marketing would 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.
"It is also a very good opportunity for us to build a stronger presence for general insurance in Asia," said AXA Asia General Insurance Chief Executive Officer Jan van den Berg in the statement.
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," said AXA Affin Chief Executive Officer Jahanath Muthusamy.
He said the combined expertise in both retail and commercial business and a larger pool of talent in both companies would enable the company to provide better service and product offering to their customers.
"With close to six per cent of the market share now, the company has the aspiration to be in the top five position in the very near future," he said.
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