Insurance Australia Group (IAG) said it will sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings for A$525 million ($390 million).

The Japanese company’s unit, Tokio Marine & Nichido Fire Insurance, will buy IAG’s 98.6 percent stake in Thailand’s Safety Insurance and 80 percent of PT Asuransi Parolamas in Indonesia.

IAG said in February it was reviewing its Asian operations as it faced a lack of buying opportunities to boost growth in a competitive region attractive for its low penetration rates.

The company said it would record an after-tax profit of at least A$200 million in its fiscal 2019 results from the combined transactions, after certain deductions.