British insurer Aviva has set deadlines in late February to receive final offers for its operations in France and Poland that are worth an overall EUR 5.5 billion, Reuters reported quoting three sources familiar with the matter that spoke to it on condition of anonymity.

Aviva has already secured indicative bids from a series of industry heavyweights and wants to wrap up the sale of both units by the end of the first quarter, the sources told Reuters, also adding that the French business' sale is expected to close for about EUR 3.5 billion while the Polish operations are valued at roughly EUR 2 billion.

Aviva declined to comment on the sale but confirmed it was exploring strategic options across its portfolio, including in France and Poland.

Dutch NN Group, Italian Generali and German Allianz are in the race for acquiring Aviva's Polish business and need to submit their final offers before 26 February, the deadline set by the British insurer. On the French side, it seems French mutual insurer Groupe Macif has the best chances to seal the deal.

The sale is part of Aviva's restructuring plan by focusing on its core business markets - Britain, Canada and Ireland.