Aviva PLC is exploring strategic options, including a possible sale, for its Asian business, The Business Times (Singapore) reported.
Aviva's rival insurers have expressed interest in the Asian business, which could be valued at about US$3 billion to US$4 billion. However, a number of potential bidders would only be interested in parts of it, according to the report.
People familiar with the matter said the London-based insurer is in early talks with potential advisers and could launch a formal process later in 2019. Aviva has not yet made a final decision on the matter, and its representative declined to comment.
The news comes a few months after Aviva's new CEO, Maurice Tulloch, vowed to simplify the business as it would make the U.K. insurer become more efficient.