The lender is said to be seeking twice the BRL180m equity value of the group life portfolio, reported citing local press reports.

The bank has reportedly shortlisted five firms for the deal, which includes Japanese insurers Yasuda Marítima and Tokio Marine, French insurer AXA, US insurer MetLife and Swiss insurer Zurich.

All these firms have to send proposals for acquisition of the business by the end of June 2015.

Itaú had offloaded its large risk business, Itaú Seguros Soluções Corporativas in July 2014, to Swiss insurer Ace for nearly $685m.