A spokesman for Zurich, Europe’s fifth-biggest insurer which is battling falling revenue in general insurance and sluggish growth at home, declined to comment on its plans.

The Swiss insurer launched an in-depth review of its business in September after explosions at the Chinese port of Tianjin .

It had also bid for Britain’s RSA Insurance after a “deterioration” in its general insurance business.

Then in January it issued a and subsequently hired Generali’s former .

The firm’s Asian review comes amid efforts to sell Zurich’s , the sources said, adding that Morgan Stanley is leading the South African sale, which Zurich announced on Feb.19.

Zurich began scaling back its Asian franchise last year when it stopped accepting new life policy applications in Singapore, where it has been since 2006.

Asian Franchise

A partial exit from Asia will need the blessing of Zurich’s incoming boss Greco.

The 56-year-old executive will take over the reins in March from Tom de Swaan, who has held the role on an interim basis since .

“It’s up to Greco to take the final decision on Asia,” one of the sources said.

If a sale goes ahead, Zurich will focus on China, Indonesia, Japan, Malaysia, Australia, New Zealand and Taiwan, the sources said.

Zurich restructured its Australia business last year, pulling out of some products, changing its organizational structure and cutting jobs.

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