Sun Life Direct, an AXA-owned life insurance firm, is looking to enter into general insurance market.

The company has rebranded its business as Sun Life.

Reports emerged that the company, a trading name of AXA Wealth, may enter into general insurance with a home product, expected to launch in coming months.

The life insurer will also offer an array of protection products, such as an investment ISA, simplified term life insurance, health insurance and home insurance, among others.

SunLife will market the product; however, the product will be underwritten by a single direct insurer or panel of insurers accessed through a broker.

SunLife managing director Dean Lamble was quoted by Insurance Times as saying: "All our early indications are that it will be a panel."

"With a broker panel we get the coverage of multiple providers and we ensure the customers can get best rates depending on their underwriting criteria. There is more of a challenge for a single provider to be able to provide all of that for mass market," Lamble told the publication.

In addition, the insurer is thinking to roll out pet insurance in the first half of 2015.

Lamble told the news portal: "A lot of companies out there have multiple brands and a lot of those brands compete. It is about the customer making the choice about what is right for them."

The company has outlined a plan to boost its current customer base of 800,000 to 2 million by 2020.