Taiwan's Hontai eyes Aegon's Taiwan business -paper
TAIPEI, Feb 12 (Reuters) - Hontai Life Insurance is interested in acquiring Aegon's (AEGN.AS) (AEG.N) Taiwan life insurance unit and aims to finish the due diligence process in one month, the Commercial Times reported on Thursday.
A Hontai executive declined to comment, according to the report, which cited reliable sources. Aegon's Taiwan unit has T$180 billion ($5.3 billion) in assets and more than 1 million policies, according to the report.
A separate media report earlier this week said Aegon planned to sell the unit for an initial asking price for T$4 billion as it moved to shore up its financial position. [ID:nTP284541]
Aegon previously said it does not comment on market rumours or speculation.
Aegon's move would come as other global players also dispose of their Taiwan insurance units in a bid to raise money and focus on shoring up their own shaky finances.
ING Groep (ING.AS) said on Wednesday it closed its US$600 million sale of its Taiwan insurance unit to Fubon Financial (2881.TW), about four months after announcing the deal. [ID:nWEA6038]. AIG (AIG.N) also aims to sell its Taiwan business, Nan Shan Life, this quarter, sources have said, although the troubled U.S. firm has found few potential bidders due to its high asking price. ($1=T$34.0) (Reporting by Faith Hung; Editing by Ken Wills)
