The deal means that Singapore-headquartered DBS will distribute the chosen partner's products exclusively over 15 years. Current DBS partner Aviva, the UK insurer and financial services group, has also been shortlisted for the agreement that starts next year, the report said.

The report said DBS wants to partner with just one insurer for all the Asian markets in which it operates. It has also shortlisted Canada's Sun Life Financial, Richard Li's Hong Kong-based insurer FWD Insurance and Metlife, which have submitted bids only for smaller markets, it said.

DBS and all the insurers declined to comment.

Bancassurance is a growing market in Asia. In China, the sector is underdeveloped although the value of the country’s insurance market has expanded rapidly in recent years to $328.7 billion in premium income, a recent report by market research and consultancy firm Finaccord said.