London-based insurer Aviva is planning to sell some of its businesses in Asia, with QBE and IAG tipped by analysts to be among the likely bidders.

UK media outlets reported last week that the insurer was seeking bids for its general insurance businesses in Hong Kong, Malaysia, Singapore and Thailand. Aviva reportedly wants to sell the units to focus to its UK and European businesses.

CEO Richard Harvey made the first break from Aviva’s traditional holdings in the region when he sold CGU and its subsidiaries to IAG in 2002.

Whether QBE or IAG would want the assets remains to be seen. Both could afford them, but whether Mr O’Halloran – a famous haggler – would be prepared to pay Aviva’s price was the subject of much speculation in Sydney yesterday. And as we reported two weeks ago, IAG CEO Michael Hawker wants to concentrate on bedding down the group’s local assets before he makes an assault on the Asian market.

However, both companies are understood to have been sent details of the assets by merchant bank Goldman Sachs. An IAG spokesman told Sunrise Exchange News the group prefers not to comment on the market speculation “at this point”.