General Electric (GE) will sell its Australian insurance unit for about $300 million, according to US media reports.

Investment bank Nomura Holdings is believed to be sounding out potential buyers for GE Capital Insurance, which provides consumer credit insurance to 3 million customers in Australia and New Zealand.

As part of any deal the consumer finance arm GE Capital would enter a 10-year distribution agreement to sell financial services such as general and life insurance through its network of more than 10,000 retail partner outlets.

A spokesman told insuranceNEWS.com.au GE will not comment on “market speculation”.

“GE Capital is committed to its global strategy of becoming a more focused financial services business in the Australia and New Zealand region and we regularly explore options consistent with this strategy,” he said.

The group sold Pacific Premium Funding to Macquarie Premium Funding in December.