Tokio Marine: Expect Y12 Billion Profit From Brazil Co Stake Sale
March 09 2009 - 11:02PM
Dow Jones News
Tokio Marine Holdings (8766.TO) said Tuesday it expects about a
Y12 billion profit from sale of its 50% stake in Brazilian pension
and insurance company Real Tokio Marine Vida e Previdencia to Banco
Santander SA (STD).
Japan's largest nonlife insurer said the profit is already
reflected in its earnings forecast for the current fiscal year
through march. The company expects group net profit of Y5 billion
for the year.
Spanish banking giant Banco Santander announced Monday it
acquired a 50% stake of local pension and insurance company Real
Tokio Marine Vida e Previdencia for 678 million Brazilian reals
($284.9 million) from Tokio Marine.
-By Atsuko Fukase, Dow Jones Newswires; 813-5255-2957;
atsuko.fukase@dowjones.com