Around half a dozen suitors are competing for Aviva’s Singapore and Vietnam business in a deal valued at up to $2.5 billion.
Allianz, Sun Life Financial, Manulife, Nippon Life and MS&AD are among the bidders of the deal which is valued between $2 billion and $2.5 billion.
Last week was the deadline for the first round of formal bids, according to a «Reuters» report citing unnamed sources, in a deal Aviva aims to close by year-end.
Asia’s Crown Jewel
Aviva’s Asia business registered a 25 percent year-on-year increase in operating profits to reach £284 million ($350 million) in 2018 with nearly half attributable to its Singapore unit.
Aviva’s Asia portfolio includes businesses in six markets: China, Hong Kong, India, Indonesia, Singapore and Vietnam. Sources added that interest was especially strong because of the British insurer’s decision to exclude smaller regional businesses and strategic buyers could potentially beat the $2.5-billion price tag.
