MILAN/LONDON: Aviva and UniCredit expect non-binding bids for their insurance joint-venture next week as the British insurer moves to divest its Italian operations, three people close to the matter said.

UniCredit plans to sell its 49% stake in the joint-venture along with Aviva, the people said.

A fourth source familiar with the matter said the joint-venture could be worth around 600 million euros.

Aviva will also receive non binding bids for its remaining Italian businesses, comprising fully-owned life insurer Aviva Life and general insurer Aviva Italia.

Aviva last month agreed to sell its stake in Italian life insurer Aviva Vita to joint venture partner UBI Banca for 400 million euros in cash.

"The remaining business of Aviva is not for industrials, it will be contended by private equity," one of the sources said.

UBI is now part of the Intesa Sanpaolo group.

In reply to a request for comment, Aviva said it was exploring options across its "manage-for-value" portfolio, including France, Poland, the remainder of Italy and its joint ventures.

Chief Executive Amanda Blanc is looking to exit non-core operations in Asia and mainland Europe after a prolonged period of share price weakness irked investors

Earlier this week the British insurer agreed to sell its Vietnamese business to Canada's ManuLife Financial.