(Bloomberg) -- Allianz SE,Europe’s biggest insurer, and France’s Axa SA were among first-round bidders for the rightsto distribute general insurance products through Standard Chartered Plc outlets in Asia, according topeople with knowledge of the matter.

A unit of MS&AD Insurance Group Holdings Inc., the $18billion Japanese group, also submitted an offer for exclusiveaccess to the U.K. lender’s regional banking network, the peoplesaid. Standard Chartered is seeking about $400 million in a deal itaims to complete by year-end, according to the people, whoasked not to be identified as the process is private. The so-calledbancassurance agreement would grant distribution rights for 15years, they said.

Demand for insurance rises in Asia

Banks in Asia have been negotiating similar partnerships as demandfor insurance products rises among the region’s increasinglywealthy population. CIMB Group Holdings Bhd. agreed in June todistribute Sompo Japan Nipponkoa Holdings Inc. non-life products inSoutheast Asia, while Canada’s Fairfax Financial Holdings Ltd. isbuying 80 percent of PT Paninvest’s non-life unit in an agreementthat also includes a distribution component.

Standard Chartered is working with JPMorgan Chase & Co. toselect partners for this agreement, people with knowledge of thematter said in June. The lender entered a new 15-year agreementwith Prudential Plc in 2014 to distribute its life insuranceproducts in Asia.

Representatives for Standard Chartered and Allianz declined tocomment, while a spokesman for MS&AD subsidiary MitsuiSumitomo Insurance Co. said in an e-mailed statement the companycan’t comment on a specific deal. A Hong Kong-based representativefor Axa said in an e-mail the insurer won’t comment on marketspeculation.

Final bidders

Germany’s Allianz, which has a $68 billion market value, reportedworse-than-expected profit in the second quarter as net incomealmost halved to 1.1 billion euros ($1.2 billion). Axa, France’sbiggest insurer with a $49 billion market value, said thatfirst-half profit rose 4 percent to 3.2 billion euros.

Allianz and Axa were among final bidders this year for deal todistribute general insurance products through CIMB’s branchesacross Asia, people with knowledge of the matter saidpreviously.

MS&AD, which writes both life and non-lifepolicies, bought the U.K.’s Amlin Plc in February for about 3.4billion pounds ($4.4 billion).

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