PHILIPPINES REGULATOR OKAYS MERGER

The Philippines regulator has approved the merger of Philippines-based insurers Malayan Insurance Co and Tokio Marine Malayan Insurance Co (TMMIC), both of which are controlled by local business empire the Yuchengo family. Malayan Insurance Co, which owns a 50% stake in TMMIC, will absorb the existing business of the company and will be the surviving entity. TMMIC stock was converted at a rate of 10.494 TMMIC shares to one Malayan Insurance Co share. Malayan Insurance Co is the largest non-life insurer in the Philippines, with a market share of 19.5% as measured by gross premiums written. TMMIC is currently jointly owned by Malayan Insurance Co and Singapore-based Tokio Marine Asia Pte. After the merger, Tokio Marine Asia will hold an 11.27% stake in the enlarged Malayan Insurance Co.