French insurance company AXA is weighing a sale of its protection operations across western Europe, reported Reuters, citing sources.

The deal could be valued at up to €1bn, the sources said.

AXA and advisors have been discussing strategies for the insurer to divest the operations, with a possible sale in the coming year.

The businesses up for sale offer insurance against unforeseen life occurrences such as illness or accidents.

The divesture could include operations in France, Italy, Spain and a part of the UK, all part of the group’s AXA Partners division.

Talks are at an early stage and the plans could still change or even be dropped.

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AXA declined to comment on the news, reported the publication.

The sale would demonstrate how conventional insurers have been trying to reallocate their funds for years by cutting non-core operations.

In July this year, reports emerged that AXA is exploring possibilities to divest its property reinsurance business, XL Re, to reduce its exposure to natural disasters.

The news of XL Re’s potential divesture was followed by reports that AXA is considering alternatives for its UK operations, including sales.

Last month, AXA UK joined forces with Synectics Solutions to enhance its insurance fraud prevention capabilities.

Through the partnership, AXA UK will gain access to the SIRA fraud prevention solution, real-time quotes tool and outcome orchestration solution.

AXA UK’s two brands, MOJA and Swiftcover, will also be covered under the partnership with Synectics Solutions.