FACTBOX-Action stirs in the subdued global insurance industry - News

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FACTBOX-Action stirs in the subdued global insurance industry

By: AFX | 17 Nov 2009 | 01:14 AM ET

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Nov 17 (Reuters) - Australian wealth manager AMP Ltd took aim at speculation it would raise joint bid with French insurer AXA SA for AXA Asia Pacific Holdings, a deal which would be the largest in the insurance sector this year. Shaken by the financial crisis that saw top U.S. insurer AIG take a multi-billion-dollar bail-out to avoid collapse, the fragmented global insurance sector is said to be ripe for consolidation, with companies such as Aviva and Clive Cowdery's Resolution having said they are on the lookout for acquisitions. AXA Asia Pacific last week rejected a cash and share offer from AMP and AXA SA worth A$12 billion ($11 billion), based on Tuesday's share price. Under the bid, AMP agreed to sell AXA Asia Pacific's Asian arm to its French parent for around A$7.7 billion. Analysts expect a flurry of mergers as the economic outlook brightens, and governments look to divest insurance assets aquired during crisis restructurings. Here is a factbox showing how the proposed mega-merger, more than twice as big as this year's largest in the sector to date, would slot into the global insurers M&A landscape.* All deal value is in billions. For a DEALTALK on the AMP/AXA bid, click RANK--VALUE----TARGET-------------------------AQUIRER----------------------------------Date----------Story---- 1. $11.0 AXA Asia Pacific AMP + AXA SA 09/11/09** 2. $4.7 Nipponkoa Insurance Sompo Japan Insurance 29/07/09 3. $5.76 Aioi + Nissay Dowa Mitsui Sumitomo Ins Group Hldg 30/09/09 4. $3.06 Friends Provident PLC Resolution Ltd 13/07/09 5. $2.59 Swiss Re Berkshire Hathaway Inc 15/02/09 6. $2.29 Alleanza Generali 23/02/09 7. $2.15 Nan Shan Life Primus 13/10/09 8. $1.90 AIG Personal Auto Group Farmers Group Inc 16/04/09 9. $1.77 Cia de Seguros Adeslas SA Criteria CaixaCorp 22/10/09 =9. $1.77 IPC Holdings Validus 31/03/09 10. $1.76 ING ANZ 25/09/09 * Excludes demergers or inter-company mergers and aquisitions. ** First offer made by AMP on Nov. 9, rejected by AXA Asia Pacific. Source: Thomson Reuters, Friends Provident (http://www.friendsprovident.co.uk/common/layouts/subSectionLayout.jhtml?pageId=fpcouk/SitePageHTML:Press+Release+Display+Page+Rebranded&repositoryItemId=fpcouk/pressreleases:fppr260509demerge 1919971187 Farmers Insurance Group (http://www.farmers.com/AIG_acquisition.html), Criteria (http://www.alacrastore.com/storecontent/Thomson_M&A/Criteria_CaixaCorp_SA_acquires_Cia_de_Seguros_Adeslas_SA_from_Agbar-21206190400) (Compiled by Gillian Murdoch; Editing by Lincoln Feast) ((gill.murdoch@thomsonreuters.com, +65 6417 4681, Reuters Messaging gill.murdoch.reuters.com@thomsonreuters.net)) Keywords: INSURANCE/AMP AXA (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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