Japan's Dai-ichi Life to buy 25 pct stake in Thai life insurer - report
Tuesday: July 15, 2008
TOKYO (Thomson Financial) - Japanese life insurer Dai-ichi Mutual Life Insurance Co has decided to take a stake in Ocean Life Insurance Co of Thailand to expand operations in the growing Asian market, the Nikkei reported on Wednesday, without citing sources.
The major Japanese life insurer is expected to spend about 10 billion yen ($95.4 million) in exchange for a 25 percent stake, which is Thailand's upper limit for foreign capital, the business daily said.
Ocean Life is the seventh-largest Thai life insurer, amassing premium revenue of 33.3 billion yen in 2007.
Through the latest move, Dai-ichi Life aims to enter Thailand's individual insurance market, while providing expertise to Ocean Life in areas such as asset management, the report said.
Source : http://www.forbes.com
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