Tokio Marine Holdings is evaluating a potential multibillion-dollar acquisition of Australia’s Suncorp Group as part of its overseas expansion strategy, according to a report citing people familiar with the matter.
The Japanese insurer has identified Suncorp as its preferred target among a shortlist that also included Insurance Australia Group and Canada’s Intact Financial. Intact was deemed too large for a feasible deal, while Suncorp has been viewed as a consolidation target since completing the sale of its banking unit to ANZ in 2024.
Berkshire Hathaway’s involvement has added momentum to the process. The U.S. conglomerate acquired a 2.5% stake in Tokio Marine in March and agreed to cooperate on large-scale international mergers and acquisitions. The announcement of potential deal discussions lifted Tokio Marine’s shares by more than 2% in Tokyo trading, while Suncorp’s stock rose about 7% and Insurance Australia Group’s shares gained roughly 5%.
Tokio Marine has completed five major overseas property and casualty insurance deals since 2008, totaling approximately $19 billion. The company has not commented on the report, and discussions remain preliminary with no certainty of a transaction.
Suncorp, which operates primarily in general insurance and life insurance in Australia, has been a recurring subject of takeover speculation in recent years. The insurer’s strategic shift away from banking following the ANZ deal has further positioned it as a potential acquisition target for regional consolidation in the insurance sector.
