Italy based underwriter Generali is planning to dispose of its non-strategic assets in 2013, to boost its overseas operations and expand into China and the rest of Asia, Eastern Europe and Latin America, and other emerging market.

Generali chief executive Mario Greco was quoted by The Financial Times as saying that the insurer will use the proceeds to fund and grow its core insurance business rather than acquisitions.

"For BSI and US reinsurance the banks are contacting potential buyers, but there is more to be sold and the concept is the same – get rid of businesses that are not core," Greco added.

The firm currently holds 51% stake in Generali PPF that was valued at €5.1bn five years ago, according to the news agency.

As a holding company, Generali PPF has insurance businesses in 14 eastern European countries.

The insurer, which operates in 60 nations with 85% of its 82,000 staff working outside Italy, said that it will invest in emerging markets, where majority of middle class people reside.