Malayan Insurance absorbs Tokio Marine in merger By Ted P. Torres Updated July 23, 2008 12:00 AM
Yuchengco-owned Malayan Insurance Co. Inc., the country’s largest non-life insurance firm, has absorbed Tokio Marine Malayan Insurance Co. through a merger, with the former as the surviving entity.
In merger papers submitted to the Securities and Exchange Commission (SEC), both parties stated that, “the combined resources, capabilities, operations and expertise of Malayan Insurance and TMMIC will further enhance Malayan Insurance’s leadership in the Philippine non-life insurance industry and its capacity to provide insurance protection and excellent service to its clients.”
Malayan Insurance has been the leader in the non-life insurance industry in the past three decades. In 2006, it reported premiums worth P2.293 billion, or P600 million more than the second largest non-life insurer.
Malayan Insurance has a 19.5 percent market share of gross premiums written. Its total assets was last valued at P16.55 billion.
Tokio Marine Malayan, meanwhile, was ranked 19th overall among the 94 non-life insurance companies in 2006. It reported total premiums of P195 million.
Malayan Insurance is the only non-life insurance company in the Philippines rated by Standard & Poors (BB positive) and AM Best (B++).
Malayan Insurance is a provider of property, casualty, motor car, accident insurance, marine cargo and hull insurance, aviation insurance, surety and bonds.