AMMB Holdings Berhad (KLSE:AMBANK) intends to finalize stake sale in AmLife Insurance Berhad by June, 2013. Managing Director of AMMB, Ashok Ramamurthy stated that it is still in talks with interested international parties. He said: "We have a process in place and hopefully will conclude [the sale] by the first quarter of the current financial year, which is June 2013. As we get closer to an agreement, we will be in a better position to comment on it." It has been reported that MetLife, Inc. (NYSE:MET) and Manulife Financial Corporation (TSX:MFC) have expressed interest in acquiring up to 70% stake in AmLife. The stake is valued at about $350 million. Zurich Insurance Group AG (SWX:ZURN), Pacific Century Group Holdings Limited, ACE Limited (NYSE:ACE) and two Japanese insurers have also expressed interest in acquiring stake in AmLife.

ACE Limited announced that its shareholders have approved all matters submitted to the ACE Limited 2013 Annual General Meeting, held at the company's offices in Zurich, Switzerland, including a 4% increase to the company's quarterly dividend to $2.04 annually ($0.51 per quarter) per share. The dividend distribution will be in the form of a par value reduction payable in four installments. The amount of each installment in Swiss francs (CHF) will be adjusted up or down to equal $0.51 near the time of payment, subject to an aggregate cap for the four installments of CHF 2.88 per share. In addition, the Board of Directors declared that shareholders of record at the close of business on July 23, 2013, will be entitled to payment of the first of such installments, subject to a required filing with the Swiss Commercial Register. This dividend payment will be made in U.S. dollars on August 13, 2013, by the company's transfer agent. The company's par value is currently CHF 28.43 per share, and in connection with the dividend installment, the par value per share will be reduced by the CHF equivalent of $0.51 based on the USD/CHF rate published on July 16, 2013.

Manulife Financial Corporation (TSX:MFC) and MetLife, Inc. (NYSE:MET) are among the possible bidders to acquire a majority stake in AmLife Insurance Berhad. Zurich Insurance Company South Africa Limited (JSE:ZSA), Pacific Century Group Holdings Limited, ACE Limited (NYSE:ACE) and two underwriters from Japan were also participating in the bidding. According to the news report, These firms have placed their first-round of bids to buy up to 70% stake in AmLife Insurance, in a deal valued at nearly $350 million.