(Reuters) - Prudential Plc (PRU.L) and Manulife MFT.TO are among four potential buyers that have made it through to a second stage of bidding for Aviva's (AV.L) insurance business in Malaysia in a deal worth about $500 million, sources said.
The hunt for the Aviva stake underscores the industry's focus on growth opportunities in emerging Asian markets, where life insurance premiums are forecast to double the world average next year, according to a Swiss Re forecast.
AIA Group Ltd (1299.HK) and Sun Life Financial Inc (SLF.TO) have also been short-listed in an auction process that attracted about 10 suitors in the first round, the sources added, who declined to be identified as the discussions were private.
Britain's second-ranked insurer is selling its 49 percent stake in an insurance joint venture with Malaysia's second-biggest lender CIMB Group Holdings Ltd (CIMB.KL) as part of a global retreat.
The joint venture has struggled against rivals such as Great Eastern (GELA.SI) and Prudential, and a new partnership could re-shape the competitive landscape in Malaysia.
