Two sources said Tokio Marine Holdings (8766.T) had hired Goldman Sachs (GS.N) and Jefferies (JEF.N) to sell its $1 billion Southeast Asia life insurance business.
One person, who requested anonymity, said the Tokyo-listed company would begin a sale process in two months.
The other source suggested selling Tokio Marine’s life insurance businesses in Indonesia, Malaysia, Singapore, and Thailand.
The first source warned that the sale idea is still under consideration.
Tokio Marine, Goldman Sachs, and Jefferies declined to comment.
Tokio Marine is reviewing its companies to increase profitability, prompting the sale. The Tokyo-based insurer sold its U.S. construction operation to Intact Insurance Group last year as part of its merger and acquisition activity.
The corporation also wants organic growth. It launched a property and casualty insurance unit in Canada last year.
According to its website, Tokio Marine was Japan’s first non-life insurance firm, founded in 1879. A year later, it began direct underwriting activities in London, Paris, and New York.
It offers life and non-life insurance in 46 countries besides Japan. Its website reports 54% of income is from international enterprises.
Refinitiv data shows Tokio Marine’s market value at $45.5 billion as of Thursday, up 12.6% year-to-date.
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