Netherlands-headquartered Aegon is reportedly looking to sell its Transamerica business in Asia, newswire Bloomberg reported.
The move seems part of Aegon’s strategy to exit non-core markets.
The insurer asked an adviser to help find a buyer for Transamerica Bermuda, which offers a range of insurance and savings products to high net worth clients in Hong Kong and Singapore.
The Asia operation could make around $700m (£500m, €577m).
Bloomberg said that a formal process could begin as soon as the coming weeks, however Aegon could still decide to keep the business.
International Adviser contacted Aegon but the company declined to comment on market speculation.
Aegon acquired US-headquartered Transamerica in 1999.