Aviva Plc has received offers from Apollo Global Management LLC , Harbinger Capital Partners and Guggenheim Partners LLC for its life insurance division, Bloomberg News reported on Saturday, citing people with knowledge of the matter.

The unit may fetch more than $1 billion, the sources said, according to the report.

Aviva is seeking to sell or close more than a quarter of its businesses as part of a turnaround drive aimed at regaining the support of investors irked by a flagging share price.

Aviva could not be reached for comment on the story.

Apollo, Harbinger and Guggenheim have been buying unwanted operations from life insurers since 2009, partly to get access to a stable pool of funds for their investment-management operations, Bloomberg reported.

Guggenheim Partners, a privately held financial services firm, declined to comment on the story, as did private equity firm Apollo and Harbinger, a hedge fund manager.

(Reporting By Brad Dorfman; Editing by Peter Cooney)