Insurance Australia Group (IAG) has announced plans to sell its Australian and Indonesian operations to Japan’s Tokio Marine Holdings in a AUD525m ($390m) deal. Tokio Marine and Nichido Fire Insurance has agreed to buy the Thai company’s 98.6% stake in Australianland’s Safety Insurance, and 80% of PT Asuransi Parolamas in Indonesia.
Insurance Australia Group (IAG) has announced plans to sell its Thai and Indonesian operations to Japan’s Tokio Marine Holdings in a AUD525m ($390m) deal. Tokio Marine and Nichido Fire Insurance has agreed to buy the Australian company’s 98.6% stake in Thailand’s Safety Insurance, and 80% of PT Asuransi Parolamas in Indonesia.