AXA is also looking to sell its reinsurance business. Credit: photofort 77 via Shutterstock.

Insurance companies American International Group (AIG) and AXA are looking to sell their operations in the UK, reported Bloomberg, citing sources.

AIG is in talks with advisers to explore the divesture of its British life insurance business, the sources said.

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If the deal materialises, it could generate more than £500m for the US-based insurance major.

Meanwhile, French insurance company AXA is exploring options for its UK operations, including a potential sale.

The sources cautioned that the deliberations for both transactions are at an early stage and a deal may not materialise.

According to the report, dealmaking in the insurance industry has remained largely strong despite a general slowdown in mergers and acquisitions.

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This is said to have been facilitated by insurers’ efforts to simplify their operations and quit business lines to reallocate money to their key areas.

Last month, US-based Liberty Mutual reached an agreement with Italian insurer Generali to sell its Spanish business Liberty Seguros in a €2.3bn ($2.52bn) deal.

At the time, Liberty Mutual president and CEO Tim Sweeney said: “This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products and markets.”

In May, AIG signed a definitive agreement to sell its reinsurance operations to RenaissanceRe for just under $3bn to simplify the business model and reduce volatility.

Most recently, it was reported that AXA is looking to sell its reinsurance business, XL Re.