(Bloomberg) -- Japan's MS&AD Insurance Group Holdings Inc. and Canada's Manulife Financial Corp. are vying to buy Aviva Plc's assets in Singapore and Vietnam as the sale process enters its final stage, according to people familiar with the matter.
FWD Group Ltd., an acquisitive insurer backed by billionaire Richard Li, is also in the race, but it's only shown interest in acquiring Aviva's Singapore business, the people said. Singapore is Aviva's biggest market.
Final bids have been submitted and the companies are now in the last stage of negotiations, said the people, who asked not to be identified because the matter is private.
While London-based Aviva was seeking about $3 billion from the two assets combined, the valuation could come slightly lower, the people said. The company is still weighing whether to sell the two assets together or separately, they said.
The U.K. insurer could make an announcement as soon as Wednesday, when it plans to hold its capital markets day, the people said. Talks could still fall apart and other bidders could emerge as deliberations continue, the people sad.
Representatives for Aviva, MS&AD, Manulife and FWD declined to comment.
Aviva said in August it's examining options for its Asian business as part of Chief Executive Officer Maurice Tulloch's turnaround plan for the insurer, confirming a Bloomberg News report. The assets had also drawn interest from other companies such as Chubb Ltd., Sun Life Financial Inc., HSBC Holdings Plc, and Allianz SE, people familiar with the matter have said.
--With assistance from Viren Vaghela.
To contact the reporters on this story: Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net;Komaki Ito in Tokyo at kito@bloomberg.net
To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Adveith Nair
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