Millea Plans to Buy Asia General Holdings for 50 Billion Yen
Millea Holdings Inc., Japans biggest insurance group, said it will buy Singapore insurer Asia General Holdings Ltd. for about 50 billion yen ($426 million), the groups biggest acquisition.
Tokio Marine & Nichido Fire Insurance Co., a casualty insurance unit of Millea, will buy a controlling stake in Asia General, which owns four casualty and life insurance units in Singapore and Malaysia, by March 31, 2007, Shusuke Kasahara, a spokesman at Tokio Marine & Nichido, said today.
Soure: bloomberg.com
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1H06 reported NPAT was A$304m vs. our A$220m estimate. Operating margins were mostly in line, while investment earnings were higher.
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