Melbourne-based Axa Asia Pacific Holdings has officially opened acquisition discussions with a Malaysian counterpart.

Through its Malaysian joint venture partner Affin Holdings, Axa has won approval to begin negotiations with Malaysian Assurance Alliance Berhad (MAAB), but a company spokesman says there is no deal yet.

In Malaysia, companies are required to seek official permission before beginning any sort of merger negotiations. MAAB says there is no indication what, if anything, the talks will produce.

MAAB is one of the leading insurance providers in South-east Asia. It has a strong presence in Malaysia and a footprint in the Indonesian and Filipino markets.