AIA, Prudential among bidders for DBS's US$1.5b insurance distribution deal

Hong Kong

AIA Group Ltd, Prudential plc and Manulife Financial Corp are among firms shortlisted to become the insurance partner of Singapore's DBS in a bank distribution deal worth around US$1.5 billion, people familiar with the matter said.

DBS's bancassurance deal, under which it will distribute products exclusively of the chosen partner over 15 years, is the last major agreement of this kind available for insurers keen to tap into Asia's fast-growing insurance market. Current DBS partner Aviva plc has also been shortlisted for the agreement that starts next year, the people told Reuters.