QBE, PICC Property & Casualty and Tokio Marine also likely to be interested

Allianz and AXA are among the potential bidders for HSBC’s general insurance business, according to Reuters.

The news agency’s Hong Kong office has reported that QBE Insurance Group Ltd, China’s PICC Property & Casualty Co Ltd and Tokio Marine Holdings are the other companies likely to be interested in the auction, which is expected to generate $1bn (£639m) for HSBC.

Reuters said that AXA, Allianz, HSBC and QBE all declined to comment, and that PICC and Tokio Marine were not immediately available for comment.

HSBC has sent out information memorandums to potential bidders for the sale of its non-life insurance business, as part of CEO Stuart Gulliver’s $3.5bn cost cutting plan.

The first round bids auction is due in mid-October.

For more on HSBC’s insurance business, read: HSBC’s timeline of troubles.