March 2, 2011
Tokio Marine Holdings, Inc.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo
TSE code number: 8766
Announcement of the sale of shares in a Takaful affiliate in Malaysia
The Tokio Marine Group (hereinafter "TMG") established HLTMT in a joint venture with HLG in June 2006 and has been developing Takaful operations since November 2006. Additionally, TMG has pursued business alliances on life and non-life operations in Malaysia together with HLG.
On the other hand, TMG has steadily expanded and strengthened its insurance business operations in Malaysia through the acquisition of Asia General Holdings Ltd. having both life and general insurance subsidiaries in Malaysia and Singapore, and the taking-over of general insurance operations of PanGlobal Insurance Bhd., a general insurance company in Malaysia.
In such circumstances, TMG and HLG have come to agree amicably to dissolve their business alliance and pave their respective paths of development because of differences between TMG's Asian strategies and HLG's strategies concentrated on Takaful, life and general insurance business in Malaysia. TMG has been proceeding with the procedure for the dissolution and has now obtained approval from the authorities in Malaysia to sell all of its shares of HLTMT to HLG. TMG is now going to divest the shares hereafter.
< Summary of HLTMT>
(Exchange rate: RM 1= JPY 27)
Download Text (PDF) 39.9 KB