General Electric (GE) has refused to comment on market speculation its Australian insurance business is up for sale.

GE Money sells car insurance provided by Auto & General, personal loan and credit card cover via Hallmark and travel protection from Southern Cross Travel Insurance.

It is understood Nomura Holdings has been retained to sell the Australian business, which is valued at about $300 million.

A shortlist of potential buyers is reportedly being drawn up, including major groups such as AIA. It is understood bids will be submitted before the end of next month.

In December GE sold Pacific Premium Funding to Macquarie Premium Funding.