The $1 billion-plus sale of Royal & SunAlliance’s local life insurance assets is imminent, according to analysts.

R&SA MD Mike Wilkins is said to be keen to sell all the assets – many of which he brought to the company while CEO of Tyndall – as a package. That would suit most of the major bidders.

According to the market experts, the shortlist of interested parties comes down to Westpac, ANZ-backed ING Australia and foreign life players who are keen to enter the market: Edinburgh-based Standard Life Assurance and US groups John Hancock and MetLife. New Zealand’s Tower – which would have to fund any acquisition with a big rights issue – is also still in there pitching.

Westpac is seen as the favourite, being cashed up after its recent sale of AGC to GE capital and keen to increase its exposure in the life market.