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’M&A hots up in Asian insurance
Insurance – and particularly life insurance – has become one of Asia’s hotbeds for M&A activity. Here are just some of the deals or bids reported in the last month or so alone:
The biggest – and as yet unresolved – bid is the unsolicited A$11bn ($10.2bn) bid by Axa and Australia’s AMP on November 9 for Axa’s majority-owned Asian business,
Chinatrust to buy AIG Taiwan stake
Chinatrust plans to pay $660m for a 30% stake in Nan Shan Life, Taiwan’s second-largest life insurer, after losing its bid to buy the business from AIG, reports Bloomberg. Chinatrust, Taiwan’s third-biggest financial company by market cap,
AIG to sell Taiwan unit for $2.15bn
AIG on Tuesday announced its largest divestment since its rescue last year with a $2.15bn sale on Nan Shan, its Taiwanese life assurance unit, to Hong Kong-based buyers led by a new fund. The US insurer’s sale of Nan Shan,
Chinatrust bids $2.4bn for AIG unit
Chinatrust Financial, Taiwan’s top credit card issuer, offered $2.4bn for AIG’s Taiwan Nan Shan Life unit, outbidding rivals, reports Reuters. Primus Financial, which was competing with Chinatrust for Nan Shan,
Buyout firms eye AIG’s Taiwan unit
Carlyle, Primus and MBK Partners may seek to buy Nan Shan Life Insurance, the Taiwanese unit of US insurer AIG, reports Bloomberg. KKR, Affinity Equity Partners, Cathay and Chinatrust have also asked AIG for information about the sale and may take part in a first round of bids scheduled for July 3.