June 18, 2018 / 10:54 PM / 2 months ago

Insurance Australia to sell Thai, Indonesia units to Tokio Marine for $389.7 mln

June 19 (Reuters) - Insurance Australia Group said on Tuesday it would sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings for A$525 million (43.08 billion yen)($389.71 million).

The Japanese company’s unit, Tokio Marine & Nichido Fire Insurance, will buy IAG’s 98.6 percent stake in Thailand’s Safety Insurance and 80 percent of PT Asuransi Parolamas in Indonesia. ($1 = 1.3472 Australian dollars) (1 Japanese yen = 0.0122 Australian dollar) (Reporting by Rushil Dutta and Susan Mathew in Bengaluru; Editing by Richard Chang)

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