Earlier this month, Prudential and Manulife opened offices in Cambodia.
Aviva's planned sale is among a slew of insurance deals keeping bankers in the Asia-Pacific region busy in an otherwise slack year for M&A.
Final bids for ING's (ING.AS) $7 billion Asia life insurance and asset management business are due by the middle of July, and Thailand's Thanachart Bank TCAP.BK is selling its life insurance business, which has drawn interest from suitors including Prudential.
While insurers with sub-scale operations are finding it hard to gain market share and improve profitability, those with strong capital are jostling to bolster their position.
Binding bids for the Aviva sale are due by the end of this month, and management presentations are set to start next week, the sources said.
