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Swiss Re, Legal & General set to bid for Deutsche's Abbey Life - sources

Reuters
The logo of Swiss insurer Swiss Re is seen in front of its headquarters in Zurich, Switzerland, September 23, 2015. REUTERS/Arnd Wiegmann

(Reuters) - Britain's Legal & General Group PLC (LGEN.L) and Swiss Re AG (SRENH.S) are among firms said to be weighing bids for Deutsche Bank AG's (DBKGn.DE) 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 (PHNX.L), 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.

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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 (LLOY.L) 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)