Suncorp eyes Zurich's general insurance arm; PE firms target Max Financial stake

S&P Global Market Intelligence presents In Play Today, a summary of potential deal activity in the Asia-Pacific insurance sector. This report is based on publicly available information published from Jan. 1 to March 31 and may not be inclusive of all potential deal activity.

Australia and New Zealand

– Suncorp Group Ltd. sought informal preliminary discussions with Zurich Insurance Group AG to gauge the Swiss company's appetite to sell its local general insurance arm, The Australian reported, citing sources.

East Asia

– Shanghai Aj Group Co. Ltd. has canceled its planned acquisition of a 10% stake in Huagui Life Insurance Co. Ltd. for 130 million yuan on Feb. 3. After negotiations, Shanghai Aj and Tibet Ku Ai Communication Co. Ltd. decided to terminate the merger agreement.

– Fubon Financial Holding Co. Ltd. is seeking M&A and expansion opportunities in the wealth management space, according to comments by an investor relations officer.

South Asia

– Torrent Investments has proposed to pay 86.40 billion Indian rupees up front to acquire Reliance Capital Ltd., doubling its immediate payment offer from December 2022, The Economic Times reported, citing sources. Hinduja Group also offered to acquire Reliance Capital for an up-front payment of 81.10 billion rupees and 8 billion rupees in deferred payments.

– Bain Capital and CVC Capital Partners are among the companies interested in buying the 11.45% promoter stake in Max Financial Services Ltd. from the Singh family, The Economic Times reported. The Singh family's stake is worth 33.32 billion rupees based on the company's market capitalization as of Jan. 24.

– Niva Bupa Health Insurance Co. Ltd. is considering selling a minority stake in a potential deal that would value the company at around $2 billion, The Economic Times reported, citing people familiar with the matter. The stake sale could raise up to $100 million. Temasek Holdings, Warburg Pincus and Canada Pension Plan Investment Board are among prospective investors that are conducting due diligence on Niva Bupa Health Insurance, Mint reported.

– Kotak Mahindra Bank Ltd. is looking to sell a minority stake in its Kotak General Insurance unit, The Economic Times reported. The potential transaction could raise as much as a few hundred million dollars.

– Punjab National Bank has terminated the divestment process for Canara HSBC Life Insurance Co. Ltd., The Economic Times reported, citing a regulatory filing. The bank will continue to hold its stake in Canara HSBC Life Insurance, subject to regulatory approvals.

Southeast Asia

– Berjaya Corp. Bhd. is in talks to acquire a controlling stake in MCIS Insurance Bhd.'s life insurance arm, MCIS Life, The Malaysian Reserve reported. South Africa-based Sanlam Ltd. owns a 51% stake in MCIS Life, while Koperasi MCIS Bhd. holds a 44.39% equity interest in the life insurance company.