Aviva is considering selling its Irish health insurance business, which has about 300,000 customers, and which it owns in a 70/30 joint venture with AIB.

The company has appointed financial services company, Macquarie to advise on its strategic options but it has emerged from the UK that it is has sought expressions of interest from potential purchasers - possibly for a price ranging from €50m to €100m.

It is understood the move follows a significant recent reduction in profitability due to higher costs and claims frequency.

Profits fell last year by 34% to €12m, and after further reductions in the first half of the current year, are likely to generate the same outcome during 2015

Aviva is the country’s third largest health insurance provider ranking behind State-owned VHI; Laya which is owned by the US insurance company, AIG and Glo which includes Irish Life as a major shareholder.

It is thought that Aviva’s business, which employs 120 people, may be of interest to some of these competitors.

Newstalk.com's business editor Vincent Wall spoke to Breakfast.