Two sources said Tokio Marine Holdings (8766.T) recruited Goldman Sachs (GS.N) and Jefferies (JEF.N) to sell its $1 billion Southeast Asia life insurance business.
One anonymous source indicated the Tokyo-listed company would start selling in two months.
Another source suggested selling Tokio Marine’s life insurance companies in Indonesia, Malaysia, Singapore, and Thailand.
The first source advised against selling yet. Tokio Marine, Goldman Sachs, and Jefferies declined to comment.
Tokio Marine is selling to boost profits. The Tokyo-based insurer sold its U.S. construction unit to Intact Insurance Group last year.
The company seeks organic growth. It started a Canadian property and casualty insurance unit last year.
Tokio Marine was Japan’s first non-life insurance company. London, Paris, and New York direct underwriting began a year later.
It offers life and non-life insurance in 46 countries besides Japan. Its website says 54% of revenue comes from multinational businesses.
As of Thursday, Refinitiv values Tokio Marine at $45.5 billion, up 12.6% year-to-date.