Hong Kong-based insurance firm AIA Group is weighing the divestment of some of its life insurance legacy assets in Australia to streamline its portfolio, reported Bloomberg.

Resolution Life has likely emerged as the potential buyer for the assets up for sale, reported the publication, citing people familiar with the matter.

AIA Group is looking to divest policies associated with the acquisition of life insurance business of Commonwealth Bank of Australia.

The insurance major is in talks with advisors for potential divesture, the sources said, adding that other buyers including private equity investors have also shown interest in acquiring the assets.

The deliberations are still on and a final decision is yet to be made.

In September 2017, AIA Group brokered a deal with Commonwealth Bank of Australia to buy its life insurance businesses in Australia and New Zealand for AUD3.8bn ($2.74bn).

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Last year, AIA Group announced plans to buy a 24.99% stake in China Post Life Insurance for $1.86bn to tap growth opportunities in China.

Resolution Life was also recently in the news after financial services company AMP announced plans to sell its 19.13% equity stake in subsidiary Resolution Life Australasia (RLA).

According to its website, Resolution Life focuses on the acquisition and management of portfolios of life insurance policies.

With operations in the UK, the US, Australia and New Zealand, it claims to have spent over $17bn of equity for the acquisition, reinsurance, consolidation and management of life insurance companies.