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Report: AIG weighs bid for Suncorp's life biz


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Report: AIG weighs bid for Suncorp's life biz

American International Group Inc. is reportedly considering bidding for Suncorp Group Ltd.'s life insurance operations.

The U.S.-based insurer recently met with investment banking advisers and other life insurance investors in Australia to discuss the prospects of the potential Suncorp deal, The Australian Financial Review's Street Talk blog reported, citing sources.

AIG executives reportedly said the insurer was interested in implementing its inorganic growth strategy globally and that Australia was a market of focus. According to sources, AIG was serious about putting together a deal team for the Suncorp business since it was now free to compete with AIA Group Ltd. in Asian life insurance markets after expiration of their noncompete agreements.

Meanwhile, Suncorp distributed documents regarding the potential sale and has sought indicative bids from interested parties by Nov. 23, the publication reported. The move came after the company in February commenced a strategic review of its life insurance operations.

The report came after AIA struck a deal in September to acquire Commonwealth Bank of Australia's life insurance businesses in Australia and New Zealand.