AIG eyes Suncorp's life business

AIG eyes Suncorp's life business | Insurance Business

AIG eyes Suncorp
The up-for-sale life insurance unit of ASX-listed Suncorp Group has attracted a potentially strong contender in US giant American Insurance Group (AIG).

It is understood that with the expiration of AIG's non-compete agreements with former Asian spin-off AIA Group, the New York-based company is now free to compete in the Asia life insurance markets and pursue its inorganic growth strategy globally, with Australia as a market of focus.

According to Street Talk, the US-listed AIG, which already owns an Australian business focused on consumer and commercial insurance products, has met with local investment banking advisers and life insurance industry players in recent weeks as it weighs a bid for the Suncorp business.

Interested buyers have already been informed by Suncorp and advisers Nomura and Luminis Partners to lodge their indicative bids by Nov. 23.

AIG's interest comes following AIA Group's agreement to pay $3.8bn for CBA's life insurance units CommInsure Life and New Zealand-focused Sovereign; and at a time when ANZ Banking Group, advised by Goldman Sachs, continues to mull over the future of its life insurance business, which is up for sale as part of the wider ANZ Wealth unit, the report said.

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