March 12 (Reuters) - Allianz SE and Sun Life

Financial ( SLF ) are considering bids for HSBC's ( HSBC )

Singapore insurance unit after the bank launched a strategic

review of the business, Bloomberg News reported on Thursday,

citing people familiar with the matter.

Reuters could not immediately verify the report. Allianz, Sun

Life, and HSBC ( HSBC ) did not immediately respond to requests for

comment.

Sources told Reuters in February that HSBC ( HSBC ) had begun engaging

potential buyers, such as Dai-ichi Life ( DCNSF ) and Nippon

Life, for its Singapore insurance business, which is hoping the

deal will be valued at more than $1 billion.

HSBC's ( HSBC ) plan to divest its Singapore life insurance manufacturing

business comes as the London-based bank seeks to simplify its

operations and exit businesses that are not viewed as adding

value.