French insurance titan Axa expects its Malaysian health insurance subsidiary Axa Affin General Insurance to expand its business by a half again over the next five years, a local news report suggests.

According to coverage from the website division of the Business Times in Malaysia, Axa Affin expects its individual medical and health insurance (MHI) business to maintain growth of at least 50% for the next half decade. The positive prediction follows a five year period that has seen growth of 50% per annum on average.

Meanwhile, AXA Affin president and chief executive officer Giles Ward has stated that the company is actually targeting a best case scenario of 100% growth by 2011. If realized Axa Affin would then hold 7% of the MHI market in Malaysia.

In the same five-year period, the company aims to grow its group health insurance business by 25%, the Business Times has also reported.