The quest to sell AIG’s Asian life insurance unit continues. China Life Insurance Co., Ltd., China Cinda Asset Management Corp. and Fosun Group had planned to jointly acquire AIA, but withdrew from bidding for stakes ahead of its planned initial public offering, according to numerous sources.

The companies felt the price of AIA Group Ltd.’s initial public offering—reportedly U.S. $32 billion to $34 billion—was “too high,” The 21st Century Business Herald reported, citing unidentified people in the investment banking industry.

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