Athene Holding Ltd. and Viridium Group GmbH submitted binding bids for Assicurazioni Generali SpA’s 40 billion-euro ($49 billion) German life insurance portfolio, according to people with knowledge of the matter.
Generali is working with Morgan Stanley to evaluate bids, the people said, asking not to be identified as the information is confidential. The Generali Leben portfolio could be worth about $1 billion, one of the people said. No final decisions have been made on the sale and other bidders could emerge, the people said.