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Report: Dai-ichi Life leading race to buy Suncorp's life insurance operations

Japanese company Dai-ichi Life Holdings Inc. is leading the race to acquire Suncorp Group Ltd.'s life insurance operations, The Australian reported June 11.

Dai-ichi Life has been conducting due diligence to buy the business from the Australia-based insurer and lender for some time, the publication added.

Other contenders reportedly include Japanese companies Nippon Life Insurance Co., Meiji Yasuda Life Insurance Co. and MS&AD Insurance Group Holdings Inc., and the U.S.-based American International Group Inc. It is unclear how many of them remain involved in the bidding process, the publication said.

It was previously reported that the process has entered its final stretch.

Dai-ichi Life is advised by Greenhill while Suncorp is selling the life division through Nomura and Luminis Partners.