AXA, Affin explore potential sale of Malaysian insurance business

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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