Japan’s leading non-life insurer invests in Philippine market
Tokio Marine Holdings, Inc., the leader in Japan’s non-life insurance market, and one of Japan’s oldest general insurer, has shown increased confidence in the Philippine insurance market after it acquired additional shares in Malayan Insurance Company, Inc. through its wholly-owned subsidiary Tokio Marine Asia Pte., Limited (TM Asia).
The increase in equity raises Tokio Marine’s interest in Malayan Insurance to 20%.
According to TM Asia, the robust Philippine non-life insurance market, which is expected to improve in the coming years, led them to invest with Malayan Insurance, the country’s no. 1 non-life insurer since 1970.
In 2013, Malayan Insurance topped the industry with a total gross premiums written (GPW) of over Php 7 billion. A member of the Yuchengco Group of Companies, Malayan Insurance has been ranked by the Insurance Commission as the leading insurer in terms of GPW since 1970. It will be celebrating its 85th year of service to the Philippine insuring public in 2015.
Tokio Marine is a Global Fortune 500 company that first entered the Philippine market in 1964 through a joint venture company with the Malayan Group of Insurance Companies. Since then, it has become the premier insurance company for Japanese business and multinationals operating in the Philippines.
Earlier this year, Tokio Marine and Malayan Insurance celebrated its 50th year of strong partnership in the country.