In the local insurance industry, it was glad to know that Generali has acquired a controlling majority in AXA Affin joint ventures in Malaysia and 100% purchase of MPI Generali Insurans Berhad.
So, on 1st April 2023, the businesses have been integrated under the launch of a single, unified brand - Generali Malaysia, one of the largest general insurers and emerging life insurer in Malaysia.
Who is Generali?
Generali is one of the largest global insurance and asset management providers. With over 190 years of insurance experience, Generali is now serving 69 million customers in more than 50 countries worldwide. 👏👏👏
Meanwhile, Generali Malaysia is one of the largest general insurers and emerging life insurer in Malaysia. Backed by over 1,600 employees and a wide distribution network of more than 9,000 agents and partners, Generali Malaysia is serving close to 2 million customers in Malaysia.
What has happened to AXA Affin in Malaysia?
To recap, Generali Asia N.V (“Generali”) and Affin Bank Berhad (“Affin”) completed the share sale transaction of a majority stake in the AXA Affin joint ventures on 30th Aug 2022. The completion has made Generali the major stakeholder of AXA Affin joint ventures in Malaysia. 💫💫💫
Concurrent with the above-mentioned exercise, Generali has also acquired the remaining interest in shares of MPI Generali Insurans Berhad (“MPI Gen”) from Multi-Purpose Capital Holdings Berhad (“MPHB”). 💫💫💫
Pursuant to the successful acquisition of an interest in shares by Generali of both entities, MPI Gen’s business will be transferred to AXA Affin General Insurance Berhad and is currently being rebranded under the name, Generali Insurance Malaysia Berhad.
What will happen to the existing contracts and policies?
Generali Malaysia said they will continue to honour all contracts and policies issued under the AXA and/or MPI Generali brand. 👌👀 The benefits, terms and conditions of the policy will remain, and customers do not need to request to re-issue their existing policy.
Can I still renew my policy upon the expiry of my current policy?
Upon your renewal period, you will most likely be offered the same or similar products under the Generali brand. 👌👌 This is because of the product rationalization process that has been carried out by Generali to streamline highly similar products from both entities to better fit your protection needs.
I am a customer of AXA Affin and/ or MPI Generali. Is there any action required from me?
The answer is NO. There is no action required from you. 💁
Will there be any change to the existing payment methods and bank information if I have an existing AXA policy?
There would be NO CHANGE to the existing payment methods. The bank account will remain the same, but the bank account name will be changed from AXA to Generali Insurance Malaysia Berhad (formerly known as AXA Affin General Insurance Berhad), and Generali Life Insurance Malaysia Berhad (formerly known as AXA Affin Life Insurance Berhad) in stages.
Please be assured that you can continue to make payments to the existing bank account number. ☺☺☺
~ The End ~
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