ING-BOB Life Insurance Co Ltd, a 50:50 joint venture between Holland's ING Group and Bank of Beijing, is in talks with several potential buyers after ING decided to sell its stake, National Business Daily reported.

The decision is in line with ING Group's strategic transition to quit the insurance sector and return to focus on its banking business, according to Zhang Jianfeng, the joint venture life insurer's general manager.

The joint venture insurer, with a registered capital of 1.75 billion yuan ($280 million), saw its premium income grow by 20 percent last year, much higher than the industry average.