Tokio Marine increases stake in Indonesian JV to 80%

It acquired 20% of shares from its JV partner.

Tokio Marine Group has increased its shareholdings for PT Asuransi Tokio Marine Indonesia from 60% to 80% through its wholly owned subsidiary, Tokio Marine Asia Pte. Ltd. by way of acquisition of 20% shares owned by joint venture partner, PT Asuransi Jasa Indonesia at the price of $33m.

The deal was completed on 23 November after acquiring regulatory approval.

Tokio Marine Group started its non-life insurance operation in Indonesia as an agent of Jasindo which is one of the largest state-owned non-life insurance companies in 1973 to provide its insurance service to Japanese companies doing business in Indonesia. In 1975, Tokio Marine and Jasindo established a joint venture, PT. Asuransi Jayasraya. 

“The Increase of shareholdings in TMI is in line with Tokio Marine Group’s international business strategy, to achieve sustainable growth and profit expansion as well as enhance diversified business portfolio through capturing growth opportunities in emerging countries,” Tokio Marine said.