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 US$2.5 billion, sources said.
Asia's fast-growing economies and its relatively low number of insured people make the region a promising market for global insurers, but some have struggled to scale up in the face of tough competition from larger regional players.Sources said last week was the deadline for the first round of formal bids in a transaction that Aviva aims to finalise by year-end.The names of the potential buyers and the specifics of Aviva's planned divestment in Asia have not been previously reported.
Aviva runs six Asian businesses in China, Hong Kong, India, Indonesia, Singapore and Vietnam. The company's Asian operations posted a 25 per cent rise in operating profit to £284 million in 2018, according to its annual report.
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