British insurer Aviva plc is looking to sell its businesses in Singapore and Vietnam, media reported on Tuesday.

Allianz SE, Nippon Life Insurance Co., and MS&AD Insurance Group Holdings are reportedly the main competitors for the acquisition of the two subsidiaries, whose combined value is estimated to be up to $2.5 billion.

The negotiations, which are a part of Aviva's restructuring plan to reduce its expenses, are still in an early stage, Reuters stated.