UK-based life and general insurance major Aviva is reportedly planning to divest its insurance operations in Asia to focus on profitable markets.

Two sources familiar with the development told Reuters that Aviva’s Asian insurance units might be valued at more than $2bn.

Aviva has hired a financial adviser to find a possible buyer.

The source told the publication that the formal sale process is expected to commence in the fourth quarter of this year.

However, there is no certainty the proposed deal will materialise as it will depend on the outcome of a review of the Asian business, another source was quoted as saying by the publication. The review of the Asian is scheduled to be concluded by the end of this quarter.

In Asia, Aviva has operations in India, Indonesia, China, Hong Kong, Singapore and Vietnam.

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After appointing Maurice Tulloch as CEO in March, the British insurer is likely to carry out an overhaul of the organisation.

In June, the insurer said that it will cut around 1,800 jobs over the next three years as part of restructuring of UK operations, aiming to save $362.82m in operational expenses per annum.

In May, Aviva was reportedly planning a demerger to split its insurance business in the UK to make it more agile, competitive and customer-focused.