ANZ nears final stage of sale of life insurance unitDecember 12 2017 by InsuranceAsia News Staff
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.
- June 1
The change for life insurance JVs is proposed in the latest draft regulatory amendments under consideration.
- May 24
Dwindling sales of savings-type products and weaker investment returns are reducing income.
- May 14
Linked policies recorded the highest growth, up 82% from the same period last year.
- May 2
Shareholders will carry out a detailed evaluation of shortlisted bidders over the next couple of weeks.