AIA, Manulife among bidders for Aviva's Malaysia JV

SINGAPORE/HONG KONG: AIA Group , Manulife and Prudential PLC are among companies that have made initial bids for the life insurance joint venture of Malaysia's CIMB Group and Aviva in a deal estimated to be worth at least $400 million, sources said.

Other bidders for the venture include Europe's no. 2 insurer AXA, the sources, who had direct knowledge of the matter, said. The auction of the venture is being handled by Morgan Stanley and CIMB, Malaysia's second-biggest lender, they said.