Foreign private equity funds are this week expected to submit bids for Axa’s minority stake in Taikang Life, China’s fourth-largest insurer, which has been valued at up to $1bn.

People familiar with the matter said that first-round bids were due by Friday and that a number of overseas investors had signalled interest in the French insurer’s 15.6 per cent stake, which offers exposure to China’s fast-growing life insurance sector.