Axa buys Malaysian insurer

A joint venture between insurer Axa Asia Pacific Holdings and Affin Holdings is set to buy the life insurance business of a Malaysian group for $47.46 million.

Axa, which is kicking in half the cost, will own 49.99 per cent of the life insurance business of Tahan Insurance Malaysia. Its Malaysian bank partner, Affin, taking the remainder.

Axa says the deal gives it access to the $6 billion Malaysian life insurance market.