Reports have emerged from Reuters claiming that Allianz, Nippon Life and MS&AD are among a dozen companies are actively looking to purchase the Asian operations of UK insurer Aviva.
Aviva confirmed earlier this year that it was examining options for a sale of the business as part of a new strategy designed to revitalise the company.
While the insurer’s shares have not fared well over the last 12 months, it is hoped the appointment of new CEO Maurice Tulloch in March will help facilitate a turnaround.
Now, Reuters sources claim that Aviva’s Asian operations could be worth up to $2.5 billion and that last week was the deadline for the first round of formal bids. It’s believed Aviva wants to wrap up a deal by the end of this year.
Furthermore, because Aviva was not combining its other smaller Asian businesses in this sale, interest in the two assets was strong and buyers could end up paying more than $2.5 billion.
It had previously been reported that HSBC was in the early stages of weighing an offer for at least part of Aviva’s Asian business, as part of a push for further business diversification in the region.
Reuters adds that Aviva, Allianz, Nippon Life, MS&AD and Sun Life declined to comment.