FWD Group Management Holdings Ltd. has restarted discussions with Thailand-based Siam Commercial Bank PCL regarding the possible acquisition of the latter's life insurance operations, Bloomberg News reported.

The parties have sealed a preliminary agreement on a potential life insurance partnership, the lender reportedly disclosed in a filing. Terms of a transaction between the two would have FWD acquire Siam Commercial's life business and then ink a distribution agreement, according to the report.

The two are negotiating to finalize terms of the deal, which may value the business at about $3 billion, Bloomberg reported.