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Apollo has teamed up with Guggenheim Partners LLC for the bid, Bloomberg said, and will likely beat out Philip Falcone's Harbinger Group Inc (HRG.N) for the unit.
Aviva, Britain's second-biggest insurer, is trying to sell 16 underperforming businesses as it seeks to get out of less profitable markets.
The company, which sells home and auto insurance as well as life and savings polices across Europe, said total sales fell 5 percent to 28.9 billion pounds ($46 billion) in the first nine months.
Reporting By Olivia Oran; Editing by Steve Orlofsky