Australia-based Insurance Australia Group Ltd. and Malaysia-based AMMB Holdings Bhd. are seeking bids for AmGeneral Insurance Bhd., a general insurance business in Malaysia which the two companies co-own, The Wall Street Journal reported, citing people with knowledge of the matter.

There is reportedly no certainty that the plan will lead to a deal for AmGeneral Insurance, as the sellers will need to obtain approval from Malaysia's central bank to hold formal talks with any potential buyer.

AmGeneral Insurance is 49% owned by Insurance Australia Group, while AMMB Holdings owns the remaining 51% shares in the Malaysia-based motor insurer.