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.

Zurich Insurance Group AG reported unaudited group earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported business operating profit of USD 1,351 million compared to USD 1,370 million a year ago. Net income after tax attributable to shareholders was USD 1,062 million compared to USD 1,140 million a year ago. Book value per share was CHF 223.79 compared to USD 214.86 a year ago. Diluted earnings per share CHF 6.69 compared to CHF 7.14 a year ago. Return on common shareholders' equity was 12.3% compared to 14.4% a year ago. Business operating profit after tax return on common shareholders' equity was 12% compared to 13.4% a year ago. The company reaffirmed earnings guidance for the year 2013. The company remains on track to deliver its 2013 targets.

People close to the matter, seeking anonymity, stated that Manulife Financial Corporation (TSX:MFC) and MetLife, Inc. (NYSE:MET) are among the potential suitors to submit first-round bids for AMMB Holdings Berhad (KLSE:AMBANK). They added that deal that could be worth up to $350 million. Zurich Insurance Group AG (SWX:ZURN) is also among the bidders, people mentioned. Additionally they stated that Pacific Century Group Holdings Limited, ACE Limited (NYSE:ACE), and two Japanese insurers are among the other firms that are said to have submitted preliminary bids before deadline of May 8, 2013. The news report mentioned that officials with AMMB Holdings and the potential bidders declined comment.