A weekend newspaper report says Wesfarmers is poised to float its insurance broking business on the Australian Securities Exchange, valuing the asset at more than $1 billion.

The Australian newspaper says plans for an initial public offering could be announced as early as today.

The report is light on detail, leaving unanswered such questions as the value of local broker OAMPS, and whether the extensive Crombie Lockwood broking operation in New Zealand is included in the IPO plans.

The Australian says Wesfarmers is being advised by investment bank Gresham, which it half-owns, while Macquarie Bank and JPMorgan are tipped to be the lead managers for the float.

insuranceNEWS.com.au will publish details in a Breaking News bulletin when they come to hand.