TMG increases shareholding in Indonesia unit

Tokio Marine Holdings, Inc has announced that it has increased its shareholdings for PT Asuransi Tokio Marine Indonesia (TMI) from 60 percent to 80 percent through its wholly owned subsidiary, Tokio Marine Asia Pte. Ltd. (TMAsia) by way of acquisition of 20 percent  shares owned by joint venture partner, PT Asuransi Jasa Indonesia (Jasindo) at the price of IDR509 billion (approximately JPY4.9 billion).

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

President and Group CEO: Satoru Komiya said in a statement: “We and Jasindo had been in a discussion about TMI’s shareholdings, looking its steady growth and Indonesian market growth. Both parties reached an agreement to increase our shareholdings to 80 percent from 60 percent. TMAsia completed the acquisition of 20 percent share of TMI from Jasindo on 23 October, 2022 at the price of IDR509 billion (approximately JPY4.9 billion) after obtaining local regulatory approval.”

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.