Japanese insurer Tokio Marine has paused the sale of its $1 billion Southeast Asia life insurance business, partly due to a dispute with a Malaysian partner over an expiring products distribution agreement, four sources with knowledge of the matter said.
The Tokyo-listed company hired Goldman Sachs and Jefferies last year to work on the sale that includes Tokio Marine's life insurance businesses in Indonesia, Malaysia, Singapore and Thailand.
The sale has attracted interest from Japanese and Middle Eastern buyers, said the first source.
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