September 24, 2019 / 6:35 AM / a month ago

EXCLUSIVE-Allianz, Nippon in race to buy Aviva's Asia units for up to $2.5 bln-sources

HONG KONG/SINGAPORE, Sept 24 (Reuters) - 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.

Canada’s Sun Life Financial is also among roughly half a dozen suitors competing for the businesses, said the people with knowledge of the matter, who declined to be named as the deal talks are confidential.

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.

Aviva did not immediately respond to a request for comment outside London business hours. Allianz, Nippon Life, MS&AD and Sun Life declined to comment.

The names of the potential buyers and the specifics of Aviva’s planned divestment in Asia have not been previously reported. ($1 = 0.8053 pounds) (Reporting by Sumeet Chatterjee in Hong Kong and Anshuman Daga in Singapore; Editing by Muralikumar Anantharaman)

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