International insurance group Ageas is reportedly considering selling its insurance business in Hong Kong.

Ageas Insurance Company (Asia) (Ageas) is one of Hong Kong’s largest life insurance companies.

A report by Mergermarket was cited by Reuters as saying that the deal could fetch more than $1bn for Ageas if the divestiture of insurance operation materializes.

Ageas is said to have selected US-based investment firm Morgan Stanley to seek binding offers until the first week of August.