Italian insurance heavyweight Generali is reportedly in negotiations to acquire several business assets in Malaysia from French rival AXA, for a sum of around €300 million (SG$478.3 million).

Generali, which already operates in the Malaysian market, has discussed the potential deal in a board meeting on Wednesday, Reuters reported.

According to sources, Generali had been planning to buy several businesses from AXA in Malaysia worth around €700 million, but instead opted to acquire AXA’s non-life insurance operations in the country.

If the deal pushes through, it could make Generali the second-largest P&C insurer in Malaysia.

“Asia is a fast-growing market and a focus for Generali,” one of the sources was quoted as saying by the report.

Both Generali and AXA declined to comment on the matter.

Last month, Generali CEO Philippe Donnet said the company had an M&A war chest of over €2 billion, and was looking at various opportunities while exercising “discipline”.

Meanwhile, in 2019, AXA and its local partner Affin Bank Bhd were reportedly exploring various options, which included a potential sale of their life and general insurance joint ventures.