AIA Group has reportedly emerged as the frontrunner to buy Hong Kong family-owned Bank of East Asia’s life insurance unit, after first considering the sales in September last year.
AIA is nearing a deal, according to a «Bloomberg» report citing unnamed sources, valued at $600 million to $700 million. Talks are in the advance stages and an announcement could be made as early as Wednesday, though negotiations could delay or fall apart.
In addition to AIA, Hong Kong-listed financial firm China Strategic was also a bidder for the unit, according to exchange filings.
New premium income from BEA Life's whole life and annuity products soared 9.5-fold in 2020, according to its financial report, which drove an 83 percent increase in sales commission income.
