The National Australia Bank (NAB) is, reportedly, planning to sell its life insurance unit, which could be valued at $1.4bn for the company.

The company has appointed Deloitte to evaluate options, including a full or partial sale of the unit, and to provide more detailed financial information about the sale, reports The Age.

Although a decision on a formal sale process is yet to be reached, NAB is said to be assessing options such as a joint venture, a re-insurance deal and the white-labelling of life insurance products.

National Australia Bank chief executive was quoted by the publication as saying: "Having access to and being able to bring life insurance to our personal and business customer base is absolutely critical.

"But as we have said, we need to examine options on how to improve the return on the core capital."

Meanwhile, NAB and Deloitte refused to comment on the reports.