(Reuters) - Britain’s Legal & General Group PLC and Swiss Re AG are among firms said to be weighing bids for Deutsche Bank AG’s Abbey Life Assurance Co, sources familiar with the matter said. In September, Reuters reported that the German lender was exploring the possible sale of its British insurance unit Abbey Life. Phoenix Group Holdings, Britain’s largest consolidator of closed life funds, was set to bid for Abbey Life, Sky News reported last month, citing sources familiar with the matter. Phoenix Group said it does not comment on market speculation. China’s Anbang Insurance Group is also said to be considering a bid for the insurance unit, a source familiar with the matter said. Anbang declined to comment. Deutsche Bank has been considering options for Abbey Life, a person familiar with the matter told Reuters last month, adding that a new regulation was making the business unattractive. Abbey Life, which closed to new business in 2000, is composed mainly of unit-linked life and pensions policies and annuities. Deutsche Bank, which bought Abbey Life from Lloyds TSB for 977 million pounds in 2007, at that time around 1.5 billion euros ($1.6 billion), was not reachable for comment. Spokesmen for Swiss Re and Legal & General Group were not immediately available for comment. Reporting by Sneha Teresa Johny in Bengaluru, Pamela Barbaglia and Carolyn Cohn in London; editing by Grant McCool
Legal & General and Swiss Re are among the companies considering bids for Deutsche Bank's Abbey Life Assurance, according to reports; others said to be weighing bids are Phoenix Group Holdings and Anbang Insurance Group. Deutsche Bank is looking to sell its Bengaluru insurance unit Abbey Life as new regulation was making the business unattractive.