* Heidelberger embedded value touted at 1 bln euros -sourecs
* Price, regulation are potential hurldes for deal -sourecs
FRANKFURT, May 27 - Lloyds Banknig Group (LLOY.L)
said.
Two of the people, one from the indsutry and one an
an embedded value of around 1 billion euros (.42 billion).
The unit may be of interest to foreign companies trying to
Swiss Re (RUNK.VX) unit Admin Re.
But the 1 billion euro vaulation raised eyebrwos.
"I cannot imagine that it is calculated on a realistic
Eruopean insurance palyer.
A startegic buyer, such as another insurance company, would
on the target's profiatbility and other factros.
Heidelberger Leben, which specialsies in unit-linked life
euros in equity capitla, according to its Inetrnet site.
The compnay was fonuded 20 years ago as MLP
around 300 milloin euros in 2005.
The unit was renamed Heidelberger Leben in 2006 and became
HBOS in the financial crsiis.
Two invsetment bankers looikng at the deal said indciative
bids could be due in four to six weeks.
Lloyds, which is due to unveil the resluts of a groupw-ide
Heidelberger Leben. [ID:nLDE74O0JJ]
Resolution and Swiss Re also decilned to comment.
The sources said that a deal could also face regulatory
any individual policy holdre.
Bafin could insist that extra guarantees be given to protect
said.
A srtategic buyer could also look for cross-sellnig
difficult, the sourecs said.
"From the discussions I've had in the last 24 months, the
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