MS&AD and Manulife vie for Aviva's selected SEA assets

Aviva is seeking about $3b from the sale of its Singapore and Vietnam assets.

Bloomberg reports that Japan’s MS&AD Insurance Group Holdings and Canada’s Manulife Financial are vying to buy British insurance company Aviva Plc’s assets in Singapore and Vietnam as the sale process enters its final stage, according to people familiar with the matter.

FWD Group, an acquisitive insurer backed by billionaire Richard Li, is also in the race, but it’s only shown interest in acquiring Aviva’s Singapore business, the people said. Singapore is Aviva’s biggest market.

Aviva is reportedly seeking about $4.08b (US$3b) for the two assets combined, but the valuation could come lower. The company is still weighing whether to sell the two assets together or separately.

An announcement could come as early as Wednesday, the sources added.

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