China's Fosun International Ltd. has joined a race to acquire Australia-based Suncorp Group Ltd.'s A$1.5-billion life insurance portfolio, The Australian reported Dec. 18, without citing a source.
Fosun is working with Citigroup Inc. for the potential deal. If successful, Suncorp's life insurance business will pave the way for Fosun's entry into the Australian market, the report said.
Bids for the business are due in late January 2018. Indicative bids were submitted Nov. 30.
Other potential buyers for Suncorp's life insurance business include American International Group Inc. and Japanese companies Dai-ichi Life Holdings Inc., MS&AD Insurance Group Holdings Inc. and Meiji Yasuda Life Insurance Co.
Suncorp is among a number of Australian companies seeking to offload their life insurance businesses. AMP Ltd. has placed its life insurance operations on the auction block, and AIG is said to be interested in that business. Earlier, Australia & New Zealand Banking Group Ltd. agreed to sell its life insurance business to Zurich Insurance Group AG, while peer Commonwealth Bank of Australia entered into a deal to sell its life insurance businesses in Australia and New Zealand to Hong Kong-based AIA Group Ltd.