Tokio Marine Holdings is evaluating a potential multibillion-dollar takeover of Australia’s Suncorp Group, according to a report by the Financial Times.
The Japanese insurer has identified Suncorp as its preferred target for overseas expansion, with discussions still ongoing and no definitive agreement in place. Tokio Marine also reviewed Insurance Australia Group (IAG) as a potential acquisition candidate, though Suncorp emerged as the favored option. Intact Financial of Canada was deemed too large for a viable deal, sources familiar with the matter told the FT.
Suncorp has been viewed as a consolidation target since completing the sale of its banking unit to ANZ in 2024. The potential deal would mark Tokio Marine’s sixth major overseas property and casualty insurance acquisition since 2008, with prior transactions totaling approximately $19 billion.
Berkshire Hathaway disclosed a 2.5% stake in Tokio Marine in March and agreed to cooperate on large-scale international mergers and acquisitions. The report of potential deal talks sent Tokio Marine shares up more than 2%, while Suncorp’s stock climbed roughly 7% and IAG’s rose about 5%.
