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Report: Challenger eyes AMP's life insurance unit

Australia-based Challenger Ltd. is said to be running the rule over AMP Life Ltd., the life insurance division of AMP Ltd., as part of an auction being run by the latter, The Australian Financial Review's Street Talk blog reported.

While Challenger is not about to make a binding offer for the life insurance unit, the company is said to be in and around the sale process, according to the report. The publication added that it could not confirm whether Challenger uses an external adviser.

A spokesman for Challenger declined to comment, AFR noted.

The publication earlier reported that AMP has opened a data room for the planned sale of AMP Life, but has restricted access to largely offshore-based investors. The move came after advisers Macquarie Capital and UBS conducted a fact-finding tour across Asia and other offshore markets to test buyer interest for the unit.

In September, the company was said to be in talks with China Taiping Life Insurance (Hong Kong) Co. Ltd. for the potential sale of the unit.