Swiss Re, Legal & General set to bid for Deutsche’s Abbey Life – sources

Bengaluru: Britain’s Legal & General Group PLC and Swiss Re AG are among firms said to be weighing bids for Deutsche Bank AG’s Abbey Life Assurance Co, sources familiar with the matter said.

In September, Reuters reported that the German lender was exploring the possible sale of its British insurance unit Abbey Life. Phoenix Group Holdings, Britain’s largest consolidator of closed life funds, was set to bid for Abbey Life, Sky News reported last month, citing sources familiar with the matter.

Phoenix Group said it does not comment on market speculation. China’s Anbang Insurance Group is also said to be considering a bid for the insurance unit, a source familiar with the matter said. Anbang declined to comment.