According to Bloomberg, a unit of Japan’s MS&AD Insurance, worth around $18bn (£13.8bn, €15.9bn), has also submitted an offer for exclusive access to the UK lender’s Asian distribution network.
Standard Chartered is looking to sign a $400m bancassurance deal by the end of the year, selling the distribution rights for 15 years.
The lender had previously entered a similar arrangement with Prudential in 2014 to distribute its life insurance products in Asia.
France’s largest insurer, Axa announced the sale of the remaining parts of its UK business to the Phoenix Group in May, a month after offloading its Isle of Man-based operation to specialist M&A firm Life Company Consolidation Group (LCCG).
The insurer is currently implementing a new-look global restructure aimed at changing its business model from “payer to partner”.
Meanwhile, Europe’s biggest insurer Allianz, which has a $68bn market value, reported worse-than-expected profit in the second quarter, with net profit dropping by nearly half to €1.1bn.
International Adviser has contacted Axa for comment.