Tokio Marine Holdings, Inc.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo
TSE code number: 8766
| Tokio Marine Holdings, Inc. (President: Shuzo Sumi) announces that the Company has obtained approval from the authorities in Malaysia of selling all of its shares of Hong Leong Tokio Marine Takaful Bhd. (hereinafter "HLTMT"), a Takaful affiliate in Malaysia, to the Hong Leong Group (hereinafter "HLG"), a joint venture partner in HLTMT. |
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>
| Company Name | Hong Leong Tokio Marine Takaful Berhad |
| Head Office | Kuala Lumpur |
| Capital | RM 100 million (JPY2.7 billion) |
| Shareholders | HLG 65%, TMG 35% |
| Gross Contributions* | RM 62.8 million (JPY 1.7 billion) 〈from July 2009 to June 2010〉 |
* "Premiums" in conventional insurance
(Exchange rate: RM 1= JPY 27)
