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Report: 4 insurers circle Commonwealth Bank of Australia's general insurance biz

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Report: 4 insurers circle Commonwealth Bank of Australia's general insurance biz

Insurance Australia Group Ltd., Germany's Allianz SE, Ping An Insurance (Group) Co. of China Ltd. and American International Group Inc. are among the companies showing an interest in Commonwealth Bank of Australia's general insurance business, The Australian Financial Review's Street Talk blog reported March 26.

IAG, Allianz and Ping An Insurance have held initial talks and canvassed options with the Australian bank regarding the insurance division, the publication said, while New York-based AIG is also said to have made contact about the operations.

Sources said the unit, which holds in-force premiums of A$783 million, could fetch about A$1 billion.

In January, Commonwealth Bank of Australia was reported to be open to divesting or outsourcing its general insurance operations later in 2018, following the IPO of its global asset management business.