On its equity disposal announcement back in 2021, Affin announces that it has finally completed the disposals of its life and general insurance business.
The banking group has disposed of 21% in AXA Affin Life Insurance and 2.95% in AXA Affin General Insurance to Generali Asia. With the completion of the AALI Disposal and AAGI Disposal, Affin had also entered into a new agreement including a shareholders’ agreement with Generali Asia and AAGI for the purpose of regulating the affairs of AAGI and the respective rights and obligations of Affin and Generali Asia, between themselves, as shareholders of AAGI.
Affin also has a shareholders’ agreement with Generali Asia and AALI for the purpose of regulating the affairs of AALI and the respective rights and obligations of Affin and Generali Asia, between themselves, as shareholders of AALI.
A 15-year bancassurance distribution agreement with AAGI for the distribution of the general insurance products through Affin’s channels in Malaysia; and a 15-year bancassurance distribution agreement with AALI for the distribution of the life insurance products through Affin’s channels in Malaysia.
