(Bloomberg) -- PT Astra International is considering options for its life insurance unit including a potential sale that could value the business at as much as $500 million, according to people with knowledge of the matter.

The Jakarta-listed conglomerate is working with a financial adviser on a review of PT Asuransi Jiwa Astra, also known as Astra Life, said the people, who asked not to be identified as the process is private. In addition to a full sale, other options under consideration include a partial sale and setting up a joint venture, the people said. A deal could also involve a so-called bancassurance partnership, in which an insurer could to sell its products in a bank’s branches and other retail channels for a set period, they added.

Astra is seeking a valuation of $300 million to $500 million for the life insurance firm in a transaction, the people said. Discussions are at an early stage and Astra could still decide to keep the asset, they added. A representative for Astra International declined to comment.

Founded in 2014, Astra Life offers products including conventional life, health and accident insurance, as well as Islamic life insurance, according to its website. The company has gross written premiums of 5.7 trillion rupiah ($377 million) and total assets of 7.1 trillion rupiah and its policies covered 3.5 million people as of the end of the last year, its latest available annual report shows

Astra International’s businesses span from automotive and financial services to mining and property and has almost 189,000 employees, according to its website. Jardine Cycle & Carriage Ltd. is its largest shareholder with a 50.1% ownership, data compiled by Bloomberg show.

Shares of Astra International have risen about 22% this year, outperforming the benchmark Jakarta Stock Exchange Composite Index, which gained about 8% over the same period. The company has a market value of about $18.7 billion. 

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