[Sydney 30 Reuters]-According to sources, Westpac Bank <WBC.AX>, the second largest bank in Australia, is considering selling its life insurance business.
Although the final decision has not been reached, some companies have been consulted and preliminary consultations are being held.
The bank's spokesman declined to comment.
According to sources, there is a high possibility of long-term partnerships with the life insurance business. The sale amount could be close to A $ 2 billion ($ 1,350 million).
The Australian newspaper reported this month that American insurance giant American International Group (AIG) <AIG.N> has expressed interest in Westpac's life insurance business and discussed it. He told them that the sale could be between $ 1.5 billion and $ 2 billion.
AIG's comment has not been taken.
The four largest Australian banks have already sold most of their life insurance business, with the exception of Westpac Bank. The company has returned to the main mortgage business.
According to the Health Regulatory Authority (APRA), Westpac's life insurance business has a liability of $ 6.9 billion at the end of June and an annual revenue of $ 988 million.
