Allianz, Sun Life weigh bids for HSBC Singapore insurance business, Bloomberg News reports

March 12 (Reuters) - Allianz SE ALVG.DE and Sun Life Financial SLF.TO are considering bids for HSBC's HSBA.L Singapore insurance unit after the bank launched a strategic review of the business, Bloomberg News reported on Thursday, citing people familiar with the matter.

Allianz and HSBC did not immediately respond to Reuters' requests for comment, while Sun Life said it does not address market speculation, but is consistently looking for opportunities that strengthen its scale and capabilities and advance its medium-term objectives.

Sources told Reuters in February that HSBC had begun engaging potential buyers, including Dai-ichi Life 8750.T and Nippon Life, for its Singapore insurance business and was hoping for a deal valued at more than $1 billion.

HSBC's plan to divest the unit comes as the London-based bank seeks to simplify its operations and exit businesses it thinks do not add enough value.