Tokio Marine has reportedly tapped Goldman Sachs and Jefferies to work on selling the insurer’s Southeast Asia life insurance businesses, with the transaction worth $1 billion.
Two insiders close to the matter said that the Japan-based insurer is preparing to launch a sale process in the next two months.
According to Reuters, the sale could include Tokio Marine’s life units in Indonesia, Malaysia, Singapore, and Thailand. One insider said that the sale plan is still under discussion and has not been finalized.
An earlier report from Bloomberg broke the news that Tokio Marine is mulling over the sale of these units. According to sources, these developments fit in with the insurer’s plans of focusing on its core operations. It also said that while Tokio Marine would prefer a wholesale transaction, it’s also considering a piecemeal deal.
While the sale may be in the works, it’s business as usual for the insurer’s general insurance businesses in the region. Recently, Tokio Marine partnered with Suzuki in Malaysia to upgrade motor insurance for motorcycle riders in the country.
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