The list of bidders for HSBC's life insurance business in Singapore is reportedly narrowed down to Allianz, Dai-ichi Life, and Sumitomo Life.

Sources familiar with the matter said that HSBC has narrowed down the list of bidders for its Singapore life insurance business to three companies: Allianz, Dai-ichi Life, and Sumitomo Life. The sources said that the shortlisted companies are working with advisors to prepare binding acquisition offers for HSBC Life Singapore Pte in the coming weeks. The sources also said that HSBC values the life insurance subsidiary at potentially up to $2 billion. They added that negotiations are still ongoing and no final decision has been made yet.