Manulife, DBS near $1 bln insurance deal for Asia

April 8, 2015 5:51 AM

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HONG KONG, April 8 (Reuters) - Canadian insurer Manulife Financial Corp is close to an about $1 billion deal to sell products through Singapore lender DBS Group Holdings Ltd's branch network across Asia, a person with direct knowledge of the matter said.

Manulife would pay cash to the Singaporean bank over the life of the 15-year contract, the person said, declining to be named as the details of the transaction were not yet public.

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