Generali to discuss possible Malaysia, Russia deals: Sources

(Reuters) — Italy’s biggest insurer, Generali, is set to discuss the possible acquisition of assets in Malaysia and Russia at a board meeting on Wednesday, two sources familiar with the matter said.

The Italian insurer is looking at assets of French rival Axa SA in Malaysia which could be worth around €700 million ($832 million), the sources said. It has also been looking at a possible acquisition in Russia.

The deals will be reviewed at a Generali strategic committee meeting on Tuesday and a board meeting the day after, one of the sources said, confirming an earlier report in Italian daily Il Sole 24 Ore.

“It’s a review, nothing is imminent,” one of the sources said.

Generali declined to comment.

Last month Generali missed out on a deal to buy Polish assets of U.K. insurer Aviva PLC, which went to Germany's Allianz SE for €2.5 billion.

The Italian company was also monitoring a possible acquisition in Russia that could be worth about €2 billion though the project was still at a very early stage and complicated by geopolitical considerations. Sources said last month that Russian insurer RESO-Garantia was the prime target for acquisitions.

Generali CEO Philippe Donnet said last month the company had more than €2 billion for M&A deals and would look at opportunities with discipline.