AXA is in talks to sell its Greek operations to Italian insurer Assicurazioni Generali as part of its efforts to divest business lines deemed surplus to requirements, the Business Times has reported.

According to the report, people familiar with the matter said both companies and their advisers are in talks about a deal for the business.

The Greece unit of AXA provides life and general insurance products and is deemed to be valued at around €150m ($243.2m).

The report said that representatives for Axa and Generali declined to comment on the deal.

At present, Axa sells insurance products in Greece through a long-term distribution agreement with Alpha Bank. The business, which serves around 576,000 customers in the country, is said to generate revenue of over €160m.

It was reported earlier this month that Axa is planning to divest its Singapore unit in order to raise funds.

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There were also report about the firm and a local partner considering a possible sale of their life and general insurance venture in Malaysia.

The move is part of the company’s wider restructuring initiative to exit markets where it lacks scale and to raise funds to bolster its property and casualty insurance operations.

Recently, the insurer called off the deal to sell its AXA Life Europe (ALE) business to private equity firm Cinven.  AXA said that certain closing conditions for the deal had not been met by the agreed long stop date.