Global insurance firm Axa is rumoured to be considering the sale of its Singapore business.
The move would seek to raise funds and divest peripheral operations, newswire Bloomberg reported.
According to people familiar with the matter, the French insurer is currently working with an adviser on the potential sale.
Axa Singapore offers life, property and casualty insurance, and its 2019 annual report shows it generated €615m (£560m, $721m) in revenue.
The sale process could start as soon as the next few weeks, the people involved added, but no financial decision has been made yet, and the talks with the adviser may not lead to a transaction.
International Adviser reached out to Axa, but the firm said it does not comment on market rumours.
Exiting several markets
Last year, Axa was also eyeing the sale of its life and general insurance unit in Malaysia for around $650m (£505m, €554m).
In March 2020, Middle East-based Oman Insurance was rumoured to be looking at taking over its operations in the region.
And in early August 2020, the French firm terminated an agreement, which would have seen Axa Life Europe being sold to Cinven, as certain conditions were not met.
