Race to win bigger slice of regional insurance market heating up

  • Business Premium
  • Wednesday, 20 Jun 2012

KUALA LUMPUR: The race to win a bigger slice of South-East Asia's insurance market is heating up as AIA Group, Manulife and Prudential plc compete for mid-size acquisitions in the region totalling up to US$1bil (RM3.18bil), sources said.

The three insurance groups as well as France's AXA and Canada's Sun Life had submitted initial bids for the Malaysian life insurance joint venture between CIMB Group and Aviva, a deal worth at least US$400mil (RM1.27bil), the sources who had direct knowledge of the matter said.

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