In an attempt to tap into Malaysia's $4.2 billion life insurance market, AXA Asia Pacific and its joint venture partner AFFIN Holdings Berhad AHB will pay M$121 million $32 million for Tahan Insurance.
Discussions for the purchase of Tahan began back in August and a joint venture agreement with AHB was put forward as a vehicle for making the acquisition. AXA Asia Pacific will own 49.999% of the JV while AHB will hold just over half of the shares. The two companies already have a joint venture covering general insurance in Malaysia.
The new deal will see AFFIN Bank acting as the exclusive distributor of the life...
