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AIA and Zurich submit bids for Australian insurance assets - sources
September 15, 2017 / 12:06 PM / 10 days ago

AIA and Zurich submit bids for Australian insurance assets - sources

HONG KONG, Sept 15 (Reuters) - Hong Kong-based insurance giant AIA Group Ltd has shown interest in buying Commonwealth Bank of Australia’s insurance business, which is likely to be valued at about $4 billion, people with knowledge of the matter said.

Separately, Zurich Insurance Group AG has emerged as the final bidder for Australia and New Zealand Banking Group’s life insurance and wealth business, valued at $3 billion, the people said.

While the official final deadline for offers for ANZ’s insurance and wealth business was Friday, there was still a possibility of a few more bids coming in soon, one of the people told Reuters.

Representatives at Australian lenders ANZ and CBA, as well as insurers AIA and Zurich, all declined to comment.

The people who have knowledge of the two divestment deals declined to be named as they were not allowed to discuss them in public. (Reporting by Sumeet Chatterjee; additional reporting by Paulina Duran in Sydney, Jamie Freed in Singapore and Carolyn Cohn in London; editing by David Clarke)

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