Siam Commercial bank in talks to sell life insurance business to FWD Group

The firms were previously in talks for a possible $3b sales of SCB Life Insurance.

Reuters reported that Siam Commercial Bank (SCB) has reignited talks with Hong Kong’s FWD Group to sell its life insurance business which also involves a long-term product distribution pact.

The two firms were in talks two years ago about a possible $3b sales of the life insurance unit of the Thai Bank, SCB Life Assurance but had failed to reach finality amidst valuation disagreements.

In 2018, SCB Life and FWD placed fifth and eighth, respectively, on the market share of total premiums in Thailand based on data from the Thai Life Assurance Association.

SCB previously signed a bancassurance deal with Prudential’s Thai unit.

Here’s more from Reuters.