AXA (EPA:CS) - AXA to sell its insurance operations in Malaysia

Transparency directive : regulatory news

22/06/2021 07:02

Press release

Paris, June 22, 2021

AXA to sell its insurance operations in Malaysia

AXA announced today that it has entered into an agreement with Generali to sell
its insurance operations in Malaysia, which include its 49.99% shareholding in
AXA Affin General Insurance ("AAGI") and 49% shareholding in AXA Affin Life
Insurance ("AALI").

Under the terms of the agreement, AXA will sell its ownership in AAGI and AALI
for total cash proceeds of RM 688 million(1) (or Euro 140 million(2)).

The transaction is subject to closing conditions, including the receipt of
regulatory approvals, and is expected to close by 2Q 2022.

About AXA in Malaysia

AXA's presence in Malaysia is currently comprised of two joint ventures with
Affin Bank Berhad - (1) AAGI (49.99% owned by AXA, 49.95% by Affin Bank), and
(2) AALI (49% owned by AXA, 51% by Affin Bank).
AAGI ranks 5th in the Malaysian P&C insurance market(3) with a 7.9% market
share, and AALI ranks 11th in the Malaysian Life insurance market(3).
The IFRS gross revenues and underlying earnings of AAGI recorded in the AXA
Group's FY20 consolidated financial statements were Euro 284 million(4) and
Euro 9 million(4) respectively. AALI is not consolidated in AXA Group's
financial statements.

(1) Including the repayment of RM 39 million (or Euro 8 million) subordinated
debt issued by AAGI to AXA, prior to or at the closing of the transaction.
(2) 1 Euro = RM 4.9328 as of June 18, 2021 (Source: Bloomberg).
(3) Source: ISM Statistical Bulletin and LIAM; Based on FY20 gross written
premium in P&C and FY20 Annual Premium Equivalent (APE) in Life.
(4) IFRS gross revenues of AAGI is on 100% basis, while underlying earnings of
AAGI is based on AXA Group's ownership of 49.99%.

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with
153,000 employees serving 105 million clients in 54 countries. In 2020, IFRS
revenues amounted to Euro 96.7 billion and underlying earnings to Euro 4.3
billion. AXA had Euro 1,032 billion in assets under management as of December
31, 2020.

The AXA ordinary share is listed on compartment A of Euronext Paris under the
ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA).
AXA's American Depository Share is also quoted on the OTC QX platform under the
ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow
Jones Sustainability Index (DJSI) and FTSE4GOOD.

It is a founding member of the UN Environment Programme's Finance Initiative
(UNEP FI) Principles for Sustainable Insurance and a signatory of the UN
Principles for Responsible Investment.
This press release and the regulated information made public by AXA pursuant to
article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1
et seq. of the Autorité des marchés financiers' General Regulation are
available on the AXA Group website (axa.com).

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com

FOR MORE INFORMATION:

Investor Relations:      +33.1.40.75.48.42
Andrew Wallace-Barnett:  +33.1.40.75.46.85
François Boissin:        +33.1.40.75.39.82
Aayush Poddar:           +33.1.40.75.59.17
Mikaël Malaganne:        +33.1.40.75.73.07
Mathias Schvallinger:    +33.1.40.75.39.20
Shuqi Ye:                +33.1.40.75.58.44

Individual Shareholder Relations:
+33.1.40.75.48.43

Media Relations:         +33.1.40.75.46.74
Julien Parot:            +33.1.40.75.59.80
Farah El Mamoune:        +33.1.40.75.46.68
Jonathan Deslandes:      +33.1.40.75.97.24

Corporate Responsibility strategy:
axa.com/en/about-us/strategy-commitments

SRI ratings:
axa.com/en/investor/sri-ratings-ethical-indexes

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements
including, but not limited to, statements that are predictions of or indicate
future events, trends, plans, expectations or objectives. Undue reliance should
not be placed on such statements because, by their nature, they are subject to
known and unknown risks and uncertainties and can be affected by other factors
that could cause AXA's actual results to differ materially from those expressed
or implied in such forward looking statements. Please refer to Part 5 - "Risk
Factors and Risk Management" of AXA's Universal Registration Document for the
year ended December 31, 2020 (the "2020 Universal Registration Document") for
a desc ription of certain important factors, risks and uncertainties that may
affect AXA's business and/or results of operations, particularly in respect of
the Covid-19 crisis. AXA undertakes no obligation to publicly update or revise
any of these forward-looking statements, whether to reflect new information,
future events or circumstances or otherwise, except as required by applicable
laws and regulations.

In addition, this press release refers to certain non-GAAP financial measures,
or alternative performance measures ("APMs"), used by Management in analyzing
AXA's operating trends, financial performance and financial position and
providing investors with additional information that Management believes to be
useful and relevant regarding AXA's results. These non-GAAP financial measures
generally have no standardized meaning and therefore may not be comparable to
similarly labelled measures used by other companies. As a result, none of these
non-GAAP financial measures should be considered in isolation from, or as a
substitute for, the Group's consolidated financial statements and related notes
prepared in accordance with IFRS. A reconciliation from the underlying earnings
APM to the most directly reconcilable line item, subtotal or total in the
financial statements of the corresponding period is provided on pages 47 and 48
of the 2020 Universal Registration Document. The above mentioned and other
non-GAAP financial measures used in this press release are defined in the
Glossary set forth in Appendix V of the 20 20 Universal Registration Document
(pages 479 to 483).

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