It has been reported that the sale may value CIMB Aviva Assurance at more than RM1bn. CIMB, Malaysia’s second-largest lender, owns 51% of the venture, with London-based Aviva owning the rest.
Khazanah is Malaysia’s state investment company.
Final details of the deal, including the price and its structure, are still being discussed and it is believed CIMB may keep a small stake in the venture.
Bidding for the company has been ongoing since summer last year. As reported, Prudential, Canadian insurer Manulife and AIA had also been in the running, along with Sun Life.
CIMB Aviva reported profit of RM49.7m in the six months through June, according to its website.
