AXA, Affin explore potential sale of Malaysian insurance business

AXA, Affin | September 05, 2019

French insurer AXA SA and Affin Bank Bhd. are exploring options including a potential sale of their life and general insurance business in Malaysia that could fetch about $650 million, according to people with knowledge of the matter. Kuala Lumpur-based Affin Bank and AXA are working with advisers on the potential deal, said the people, who asked not to be identified as the information is private. The financial firms are seeking around $500 million on AXA Affin General Insurance Bhd., while they are looking to raise as much as $150 million from AXA Affin Life Insurance Bhd in a transaction. Deliberations are at an early stage and the companies could decide to keep their holdings in the Malaysian business, the people said. A representative for AXA declined to comment, while a representative for Affin Bank didn’t immediately respond to requests for comment.

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DENTAL TERMINATION All coverage under this Policy shall terminate when this Policy ceases to be in force. This Policy will end on the earlier of: a. when You fail to pay Premiums within Your Grace Period; b. when You die; or, c. the date You notify Us in writing to end this Policy. Coverage for an Insured Dependent will end on the date such Insured ceases to be an Eligible Dependent Child or Eligible Spouse, as defined in this Policy. When such Insured’s insurance ends, we will: a. consider any claim that began before the insurance ended; and, b. allow a conversion policy for an Eligible Dependent Child or Eligible Spouse, as set forth in the Conversion Privilege.

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