Sunday, April 22, 2018

ANZ nears final stage of sale of life insurance unit

ANZ is reportedly nearing the final stage of protracted negotiations for the sale of its US$2.5 billion life insurance business.

The Australian Financial Review has reported that Zurich is now in prime position and is working with its adviser Credit Suisse to conclude a deal.

Another potential suitor, MetLife, is said to be out of the running while AIG is thought to be still within the periphery.

Sources said parties are working toward having a transaction signed this week, with the possibility of announcing a deal ahead of the bank’s annual general meeting on December 19 in Sydney.

A deal will likely be completed in the latter half of next year if the transaction is signed next week.

ANZ’s life business has a book value of US$2.5 billion to US$3 billion, according to Morgan Stanley.

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