AXA Asia Pacific, the holding company for the AXA APH group's life insurance, wealth management and advice units in Australia, has decided against pursuing the possible acquisition of Malaysian Assurance Alliance, the insurance division of Malaysian Assurance Alliance.
The company along with its Malaysian joint venture partner AFFIN, had reportedly been granted the Malaysian state approval to initiate talks for the potential acquisition of Malaysian Assurance Alliance (MAA) in September 2007.
According to MAA, it received central bank approval to start talks with four potential bidders, AXA Asia Pacific, Allianz Insurance Management Asia Pacific, Kurnia Asia and Nippon Life Insurance, for a stake of up to 49% in the business. However, Nippon Life and Kurnia Asia withdrew from the talks later.
AXA Asia Pacific Holdings remains committed to the Malaysian market through its existing AXA AFFIN joint venture, the firm is reported to have said.