Japanese insurer Tokio Marine Holdings Inc. is reportedly seeking to sell its Southeast Asian units for USD1bn, targeting major South Korean companies as potential buyers. Amid a stagnant local market due to an aging population and declining birthrate, South Korean insurers are looking to diversify abroad. Industry sources in Seoul indicate that Tokio Marine is approaching large South Korean insurers and financial holding companies to gauge their interest in its insurance businesses in Singapore, Malaysia, Thailand, and Indonesia. The sale, managed by Goldman Sachs and Jefferies, is part of Tokio Marine's strategy to boost profitability through restructuring. Hanwha Life Insurance Co., part of South Korea's Hanwha Group, has been identified as a strong candidate for the acquisition, though it remains cautious over the potential deal.
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