Axa, Allianz in bidding war over Asia bank distribution deal

Added 18th August 2016

Insurance giant Allianz and France’s Axa are locked in a bidding war to acquire the distribution rights to sell insurance products through Standard Chartered channels in Asia.

Axa, Allianz in bidding war over Asia bank distribution deal

According to Bloomberg, a unit of Japan’s MS&AD Insurance, worth around $18bn (£13.8bn, €15.9bn), has also submitted an offer for exclusive access to the UK lender’s Asian distribution network.

Standard Chartered is looking to sign a $400m bancassurance deal by the end of the year, selling the distribution rights for 15 years.

The lender had previously entered a similar arrangement with Prudential in 2014 to distribute its life insurance products in Asia.

France’s largest insurer, Axa announced the sale of the remaining parts of its UK business to the Phoenix Group in May, a month after offloading its Isle of Man-based operation to specialist M&A firm Life Company Consolidation Group (LCCG).

The insurer is currently implementing a new-look global restructure aimed at changing its business model from “payer to partner”.

Meanwhile, Europe’s biggest insurer Allianz, which has a $68bn market value, reported worse-than-expected profit in the second quarter, with net profit dropping by nearly half to €1.1bn.

International Adviser has contacted Axa for comment.

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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