Metlife, Manulife said to bid for Malaysia AMMB life insurance unit

HONG KONG/SINGAPORE: Manulife Financial Corp and Metlife Inc are among the suitors to submit first-round bids for the life insurance unit of Malaysian lender AMMB Holdings Bhd, people familiar with the matter told Reuters, in a deal that could be worth up to $350 million.
Zurich Insurance Group
is also a bidder, the people said, as global and regional insurers
descend on Southeast Asia for acquisition opportunities. The hot,
regional insurance M&A market has been spurred by the Southeast
Asia's rising personal income and the industry's strong growth
potential.
Hong Kong tycoon Richard Li's Pacific Century Group, ACE Ltd
, and two Japanese insurers are among the other companies said to have
submitted preliminary bids before Wednesday's deadline, the people said.
Officials
with AMMB Holdings declined comment. All suitors mentioned in the story
declined comment. The sources declined to be identified as the sale
process is confidential. - Reuters