Private equity firms Blackstone and Kohlberg Kravis Roberts & Co are expected to take part in the first round of bidding for AXA’s 15.6% stake in Taikang Life Insurance Co, China's fourth-largest life insurer, sources reported.

The sources also said that Temasek Holdings, Singapore's sovereign wealth fund, will also participate in the bidding, which is scheduled for Friday.

Taikang Life's chairman, Chen Dongsheng, has confirmed that France-based insurer AXA SA is selling its 15.6% stake in Taikang Life, which is valued at about US$1.05 billion, China Knowledge reported earlier.

In 2006, AXA acquired Winterthur Insurance for US$10 billion, thus obtaining the 15.6% stake in Taikang Life.

At the end of 2008, Taikang Life had a 7.9% share of China's life insurance market and its total assets were US$28.12 billion.