JAKARTA, Indonesia, Nov. 24, 2022 /PRNewswire/ — Tokio Marine Holdings, Inc. (“Tokio Marine”) elevated its shareholding in PT Asuransi Tokio Marine Indonesia (hereinafter “TMI”) from 60% to 80% by means of its wholly owned subsidiary, Tokio Marine Asia Pte. Ltd. (“Tokio Marine Asia”). The stake was elevated by means of acquisition of 20% of shares held by three way partnership associate, PT Asuransi Jasa Indonesia (“Jasindo”), on the value of IDR 509 billion (roughly USD 33 million).
Since 1973, Tokio Marine began its non-life insurance coverage enterprise in Indonesia as an agent of Jasindo, one of many largest state-owned non-life insurance coverage corporations, by offering insurance coverage merchandise and providers to Japanese corporations doing enterprise in Indonesia. In 1975, a three way partnership was established with Jasindo as PT. Asuransi Jayasraya. After Tokio Marine took a significant place in 1990, the corporate identify was modified to PT Asuransi Tokio Marine Indonesia.
Leveraging on Tokio Marine’s robust branding and monetary place, TMI has been rising steadily by means of the enlargement of its department community in Indonesia. At present, TMI is ranked 13th out there when it comes to Gross Written Premium and is without doubt one of the most worthwhile insurers in Indonesia.
Each events reached an settlement to extend TMI’s shareholdings to 80% from 60%. Tokio Marine Asia accomplished the acquisition of 20% shares of TMI from Jasindo on 23 November 2022 after acquiring native regulatory approval.
Consistent with Tokio Marine’s worldwide enterprise technique, the rise of shareholding in TMI will assist to attain sustainable development and revenue enlargement in addition to improve diversified enterprise portfolio by means of capturing development alternatives in rising international locations.
Indonesian economic system has seen a gentle development and is the second largest non-life insurance coverage market in ASEAN with the fourth largest inhabitants on the planet. The market dimension is predicted to change into the most important in ASEAN in 10 years, surpassing Thailand.
By additional using Tokio Marine’s broad experience and specialty on insurance coverage, TMI goals to offer prime quality services and products that meet buyer wants and obtain additional sustainable and worthwhile development to contribute to Tokio Marine’s worldwide insurance coverage enterprise in addition to the sound development of the non-life insurance coverage sector in Indonesia.
About Tokio Marine Group
Tokio Marine was established within the 12 months 1879 as the primary insurance coverage firm in Japan and has grown over the many years, now providing an intensive collection of Basic and Life insurance coverage merchandise and options in 46 international locations and areas worldwide.
SOURCE Tokio Marine Asia