(Bloomberg) --Tokio Marine Holdings Inc. is considering a sale of its life insurance business in Southeast Asia that could be valued at about $1 billion in a deal, according to people familiar with the matter, as the Japanese insurer looks to focus on its core operations.
The Tokyo-listed firm is working with an adviser to gauge investor interest in its life insurance units in Indonesia, Malaysia, Singapore and Thailand, the people said, who asked not to be identified as the information is private. Tokio Marine prefers to find a buyer for all of the assets, though it's also considering a piecemeal deal, the people said.
A formal sale process can commence in the coming months, according to one of the people. Considerations are at an early stage and Tokio Marine can decide to keep the assets for longer, the people said.
Tokio Marine always considers disciplined M&A and reviews its business portfolio in general to improve profitability and achieve sustainable growth, its spokesperson said in response to a Bloomberg News query. Nothing has been decided at the moment, the spokesperson said, declining to comment further.
Tokio Marine was founded in 1879 as Japan's first non-life insurance company, according to its
Tokio Marine runs eight property and casualty insurance companies and five life insurers in eight countries in Asia outside Japan, its
--With assistance from Nao Sano.
