Insurance Australia Group (IAG) has announced that it is to sell its Asian businesses to Tokio Marine.
The sale of IAG’s Indonesian, Thai and Vietnamese business lines will reportedly value $525 million (though the Vietnamese business will be sold to AAA Assurance Corporation, with the Indonesian and Thai lines going to Tokio Marine).
Subject to regulatory approval, the transactions are expected to close by the end of June next year.
“We are pleased to accept the offer for our businesses in Thailand and Indonesia from Tokio Marine,” said Peter Harmer, CEO and Managing Director of IAG. “We believe Tokio Marine is an ideal owner given its experience in the region, and that this is a good outcome for the associated employees, customers and other stakeholders.”