SINGAPORE/HONG KONG, June 8 (Reuters) – Japanese insurer Tokio Marine Holdings (8766.T) has picked Goldman Sachs (GS.N) and Jefferies (JEF.N) to work on the sale of its Southeast Asia life insurance coverage enterprise value $1 billion, two sources with information of the transaction stated.
The Tokyo-listed firm is getting ready to launch a sale course of throughout the subsequent two months, in keeping with one of many sources, declining to be recognized because the matter is personal.
A sale might embody Tokio Marine’s life insurance coverage companies in Indonesia, Malaysia, Singapore and Thailand, stated the opposite supply.
The sale plan continues to be underneath dialogue and has not been finalized, the primary supply cautioned.
Tokio Marine, Goldman Sachs and Jefferies declined to remark.
The sale plan comes as Tokio Marine critiques its companies to spice up profitability. The Tokyo-headquartered insurer has been energetic within the merger and acquisition house, with offers together with the sale of its Tokio Marine Highland’s U.S. development division to Intact Insurance coverage Group final yr.
The corporate can be trying to develop organically. It expanded in Canada with the launch of a brand new property and casualty insurance coverage unit final yr.
Based in 1879, Tokio Marine was Japan’s first non-life insurance coverage firm and it began increasing abroad by means of direct underwriting operations in London, Paris and New York a yr later, in keeping with its web site.
It now gives non-life and life insurance coverage throughout 46 international locations in addition to Japan. Worldwide companies contributed 54% of its income, its web site reveals.
Shares of Tokio Marine have climbed 12.6% year-to-date, giving it a market worth of $45.5 billion as of Thursday, in keeping with Refinitiv knowledge.
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