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.