HONG KONG, March 12 (Reuters) – Carlyle Group LP and KKR & Co LP are among the bidders to have made first round offers to buy a minority stake in Thai Life Insurance Co Ltd, in a deal said to be worth about $500 million, according to people close to the auction.
- Shortlist of bidders expected in a week
- Emerging Asia life premiums f’cast for CAGR 8.5 pct 2011-21
- Southeast Asia hot market for insurance M&A
Malaysian sovereign wealth fund Khazanah Nasional Bhd has also made a bid, the people said, as the growth behind Asia’s insurance industry has fueled dealmaking across the sector.
Rising personal income in Asia is giving, for the first time in many cases, individuals and families the ability to afford insurance. That new demand has boosted stock prices and corporate valuations, culminating in a spate of M&A transactions.
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