Bloomberg—ING Groep NV may break up its Asian life insurance operations and is holding talks with buyers interested in the business in different countries, two people with knowledge of the process said.

The company is currently in discussions with Manulife Financial Corp. and AIA Group Ltd. for the Southeast Asian operations, and with both firms as well as KB Financial Group Inc. for those in South Korea, the people said, asking not to be identified because the talks are private. Two private equity funds have bid for the Japanese operations, they said.

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