Millea Group, the largest non-life insurance Group in Japan as well as one of the largest in the world, has reorganized its Asian operations by the transfer of the group companies of The Tokio Marine & Fire Insurance Co., Ltd. (hereinafter referred to "TMF") to Millea Asia Pte.Ltd. (hereinafter referred to "Millea Asia") as of today. Please see Appendix for the details. Through this transaction, Millea Asia's paid up share capital has been increased from S$22 million to S$42 million and its total assets have been increased from S$109 million to S$369 million. Millea Asia also established a new Division for Business Development & Coordination in Tokyo as of 1st April 2003.
Millea Asia acts as an intermediate holding company for its Asian group companies as well as regional headquarters of the Millea Group. Millea Asia will also seek out new investment opportunities in the region and aims to achieve JPY 57 Billion (US$475M /S$840M ) in terms of net premium income of its Asian operations by 2005.
Profile of Millea Asia is as follows: | Name : | Millea Asia Pte.Ltd. |
| Incorporation : | Singapore |
| Paid up Share Capital : | S$42 million |
| Total Assets: | S$369 million |
| Offices: | Singapore and Tokyo |
| CEO : | Mr.Takaaki Tamai |
| Number of Staff : | 38 (7 based in Tokyo) |
Appendix
List of Companies Transferred | Country | Business Domain | Company Name |
| Hong Kong | Non-Life Insurance | The Tokio Marine and Fire Insurance Co.(Hong Kong) Ltd. |
| India | Non-Life Insurance | IFFCO-TOKIO General Insurance Co., Ltd. |
| Indonesia | Non-Life Insurance | P.T. Asuransi Tokio Marine Indonesia. |
| Malaysia | Non-Life Insurance | Tokio Marine Insurans (Malaysia) Bhd. |
| Philippines | Non-Life Insurance | Tokio Marine Malayan Insurance Co., Ltd. |
| Singapore | Non-life Insurance | The Tokio Marine and Fire Insurance Co.(Singapore) Pte. Ltd. |
| Thailand | Life Insurance | Millea Life Insurance (Thailand) Public Co., Ltd. |
| Thailand | Holding Company | Pannasub Co., Ltd. |
| Thailand | Non-Life Insurance | The Sri Muang Insurance Co., Ltd. |
| Thailand | Holding Company | TMF Holding (Thailand) Ltd. |
| Thailand | Insurance Broker | Tokio Marine South-East Servicing Co., Ltd. |
| Vietnam | Non-Life Insurance | Vietnam International Assurance Co. |
Existing Group Companies | Taiwan | Non-Life Insurance | Newa Insurance Co., Ltd. |
| Thailand | Claims Service Agent | Tokio Management Services (Thailand) Co., Ltd. |
