Paris, September 19, 2019

AXA Liabilities Managers acquires Munich Re non-life run-off portfolio in Malaysia

AXA Liabilities Managers today announced that it has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia (a branch of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in Munich). The portfolio transfer will become effective on October 1, 2019.

The transaction was made through AXA Liabilities Managers’ fund (AXA DBIO II), which invests in run-off portfolios and companies. The completion of the portfolio transfer follows the approval by the High Court of Malaya and the necessary regulatory approvals (BaFin and Bank Negara Malaysia). Outstanding r eserves are composed of Malaysian non-life reinsurance business. All related contracts, arrangements and agreements will be vested in AXA DBIO II's risk carrier in Malaysia. The family retakaful business will continue to be carried out by Munich Re Malaysia.

"I’m very proud of the exciting work our teams have done to make this complex deal happen. We are very pleased to continue our external development through our fund with this 20th acquisition that strengthens our position as a run-off acquirer. After the acquisition of Emirates Re’s Retakaful business last year, we pursue our international investment strategy, including on the growing Asian run-off market through our Hub in Malaysia." said Sylvain Villeroy de Galhau, AXA Liabilities Managers CEO

ABOUT AXA LIABILITIES MANAGERS FOR MORE INFORMATION: AXA Liabilities Managers (AXA LM) is a non-life (re)insurance legacy expert. Founded in 2001 to proactively manage AXA Group’s non-life reinsurance Contact: [email protected] liabilities, AXA LM also acquires P&C run-off portfolios on behalf of investors through its funds. AXA LM is composed of 170 employees, headquartered in Website: axa-lm.com Paris (France) and has teams in the USA, the UK & Switzerland.

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AXA Liabilities Managers – 61, rue Mstislav Rostropovitch 75017 Paris, France | Téléphone: +33 (0)1 58 36 75 00 | axa-lm.com Société par Actions Simplifiée au Capital de 200 000 Euros. 443 984 778 RCS Paris. APE 6622Z. © 2017 AXA Liabilities Managers. All rights reserved.