MetLife Is Said in Talks to Buy PineBridge’s Non-China Assets

US insurer MetLife Inc. is in advanced talks to buyPineBridge Investments’ assets outside of China, people familiar with the matter said, in a deal that could be valued at $1 billion to $1.5 billion.

The talks are exclusive for assets under management amounting to about $100 billion, the people said, asking not to be identified because the matter is private. PineBridge is majority owned by Hong Kong billionaire Richard Li’s holding company, Pacific Century Group.

MetLife has emerged as the most likely buyer after outbidding rivals including other asset managers and financial institutions, the people said. The ...