IAG to sell Thai, Indonesian units to Tokio Marine for $525m

Insurance Australia Group said it would sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings for $525 million.

The Japanese company's unit, Tokio Marine & Nichido Fire Insurance, will buy IAG's 98.6 per cent stake in Thailand's Safety Insurance and 80 per cent of PT Asuransi Parolamas in Indonesia.

IAG will also sell its 73 per cent stake in AAA Assurance Corp in Vietnam.

IAG said it expected to book an after-tax profit of at least $200 million in its fiscal 2019 results.

More to come

Reuters and staff reporter