AXA will be selling the 16% stake it holds in Taikang, a leading Chinese insurer, and Singapore based investment firm Temasek is all set to send in a bid to acquire the same. Although there are a few bidders for the stake, AXA has said it will consider each bid very carefully before making a decision.

If sources are to be believed, the bids could go well above US$1.2 Billion. AXA reportedly wants the sale to end as early as this year and has hired Morgan Stanley to offer advice and make sure that the transaction is carried out smoothly.

In terms of assets, Taikang is among the top five Chinese insurers. Temasek is looking at the acquisition of the stake as a way of expanding into the fast growing Chinese market.

It has been reported that in a bid to expand its services into the world's up-and-coming economies, Temasek has kept secure more than $1.8 Billion to invest in markets across China, India and Latin America in the coming months.