AXA Affin General Insurance Berhad has said that it will merge with BH Insurance (M) Berhad, and operate as one entity AXA Affin General Insurance, starting from 1 January 2011.
In February 2010, AXA Affin General Insurance received approval from Bank Negara Malaysia to acquire 80% of BH Insurance (M) Berhad from Boustead Holdings Berhad and 20% from Felda Marketing Services.
In April 2010, BH Insurance became a wholly owned subsidiary of AXA Affin General Insurance.
However, the two entities continued to operate separately while ground work for integration commenced.
AXA Affin General Insurance received the High Court vesting order in October 2010, to transfer the assets and liabilities of BH Insurance to AXA Affin.
Through this merger, AXA Affin General Insurance’s distribution network will have nationwide reach and will be an agency with nearly 3000 agents and 20 offices across Malaysia.
AXA Affin General Insurance CEO Jahanath Muthusamy said that the combined turnover of the two entities puts the company among the top five insurers in the country.
AXA Affin General Insurance Berhad is a joint venture between AXA and Affin Holdings Berhad, a Malaysia-based financial services provider.