Zurich Insurance, BNP Paribas considers bidding for Indonesian life insurer

Sales process for PT Astra International has not commenced.

Zurich Insurance Group and BNP Paribas' Cardif unit are considering bids for PT Astra International's life insurance arm, according to a Bloomberg report.

The insurers are evaluating offers for the life insurance arm of PT Astra International, as they aim to expand their presence in the Southeast Asian economy.

However, the discussions are in the early stages, and a formal sale process for Astra Life, also known as PT Asuransi Jiwa Astra, has not yet begun.

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The companies have the option to opt out of the transaction, and there is a possibility that other buyers may come forward, according to the sources. 

Cardif and Zurich Insurance declined to provide comments, and Astra's spokesperson has not yet responded to requests for comment.