Italian insurance major Generali has introduced its new Malaysian operations after the acquisition of a majority stake in AXA Affin joint ventures (JV) in Malaysia and increasing its stake in MPI Generali Insurans to 100%.
The company has combined the newly bought businesses under a single, unified brand, called Generali Malaysia.
In August 2022, Generali completed the purchase of the majority stakes in the AXA Affin JV.
Generali Malaysia has expertise in offering protection solutions to various general insurance sectors such as medical and health, motor and home, travel and personal accident along with business and commercial insurance.
Its life unit provides clients with medical coverage, savings and legacy planning solutions.
The latest launch is in line with Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy to bolster its leadership position in Malaysia.
Generali Malaysia currently employs more than 1,600 people and has a distribution network of over 9,000 agents, partners and distributors, as well as 49 branches across the country.
Generali Insurance Malaysia CEO and Generali Entities Malaysia country head Fabrice Benard said: “The launch of Generali Malaysia is to create a unified, customer-focused brand that can provide comprehensive insurance solutions across the full spectrum of products from general to life insurance.
“We aim to have a significant presence in the market and be one of the top general insurers in the country.”