Five insurers including Metlife Inc and Manulife Financial Corp have submitted final offers to have their products distributed by Citigroup in Asia, a deal estimated to generate more than $10 billion in revenue over 15 years, people familiar with the matter told Reuters. British insurer Prudential Plc, pan Asian insurer AIA Group Ltd and Richard Li's insurance company FWD Group are the other companies that have submitted final bids, they said.There will most likely be just one successful bidder, although there is an outside chance that Citigroup may pick two given that the deal covers 14 Asian markets, one person said.The estimated $10 billion in future sales would be split between the winning insurer and Citigroup, and the deal also includes an exclusivity payment of $1.5-2 billion by the insurer to Citigroup, the people added.A successful bid would give that firm access to Citigroup's 600 branches and over 34 million retail accounts in the region where the Wall Street bank has about $218 billion under management, including the assets of its private bank.
MetLife, Inc. (MetLife) is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Shares of MET fell by 0.25% or $-0.13/share to $52.40. In the past year, the shares have traded as low as $31.79 and as high as $53.11. On average, 6163930 shares of MET exchange hands on a given day and today's volume is recorded at 3233483.
Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. Shares of MFC traded higher by 0.21% or $0.04/share to $19.22. In the past year, the shares have traded as low as $12.69 and as high as $19.45. On average, 1664630 shares of MFC exchange hands on a given day and today's volume is recorded at 1036906.
Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. Shares of MFC traded higher by 0.2% or $0.04/share to $20.40. In the past year, the shares have traded as low as $12.63 and as high as $20.50. On average, 2919850 shares of MFC.TO exchange hands on a given day and today's volume is recorded at 1333468.
Prudential plc (Prudential) is an international financial services group, with operations in Asia, the United States and the United Kingdom. Shares of PUK traded higher by 1.88% or $0.78/share to $42.23. In the past year, the shares have traded as low as $27.88 and as high as $42.35. On average, 105388 shares of PUK exchange hands on a given day and today's volume is recorded at 83594.
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