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Business deals

Tokio Marine to invest $360m in African insurers

Japanese company finalizing deal to sell policies on industry's 'last frontier'

TOKYO -- Tokio Marine Holdings is about to take a big step into Africa's insurance market. The Japanese insurer aims to invest about 40 billion yen ($359 million) in a major South African insurance group through which it will sell life and nonlife policies in 50 countries, covering most of the continent.

Tokio Marine, which will target individuals and small to midsize businesses, envisages demand in the region to grow significantly on the back of rapid population growth.

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