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Apollo, Harbinger, Guggenheim submit bids for Aviva life insurance arm

2 Oct 2012

Aviva is reported to have received offers from Apollo, Harbinger Capital Partners and Guggenheim Partners for its life insurance unit, in a sale that could fetch over $1bn.

Bloomberg reported the news, citing unnamed sources.

Aviva is looking to sell or close over a quarter of its operations as part of a dramatic overhaul of its structure aimed at winning over investors concerned with its weak share performance.

The three firms singled out as bidders have been buying unwanted units from life insurers since 2009 to gain access to a stable source of funds for investment management operations, the report said.

The sale would represent a significant price cut on the £1.8bn Aviva paid for the unit in 2006.

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