According to the Nikkei Business daily, the sale of the life insurance arm is expected to fetch between JPY200bn and JPY300bn ($1.6bn-$2.4bn).

The deal, if materializes, is expected to be the Japanese insurer’s biggest overseas acquisition.

NAB is being advised by JPMorgan on the potential transaction.

NAB bought the life insurance business as part of its wealth management arm MLC, which it acquired from Lend Lease in 2000.