German insurer Allianz, Nippon Life and MS&AD Insurance are vying with rivals to...
HONG KONG/SINGAPORE - German insurer Allianz, Nippon Life and MS&AD Insurance are vying with rivals to buy the Singapore and Vietnam businesses of Britain’s Aviva in a deal likely to be worth up to $2.5 billion, sources said.
The combined deal value for the businesses is estimated to be between $2 billion and $2.5 billion, they said, adding that talks were at an early stage and terms could change. The divestment of the Aviva units, if completed, would add to strong regional insurance sector M&A momentum in the last couple of years, which has also been aided by local banks looking to exit this capital-intensive business.
Aviva, Allianz, Nippon Life, MS&AD and Sun Life declined to comment on the deal process. Manulife did not immediately respond to a request for comment. The names of the potential buyers and the specifics of Aviva’s planned divestment in Asia have not been previously reported.Last month, in his first interim results since being appointed Aviva chief executive officer in March, Maurice Tulloch announced a review of the group’s Asian operations.
Singapore has a very competitive and fragmented market, with demand for life insurance mainly driven by the affluent segment. Unlike larger insurers who have distribution tie-ups with banks, Aviva mainly relies on hundreds of agents to sell its products.
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