Aetna Inc.'s Canadian subsidiary may be for sale at a time when the Canadian insurance industry is rapidly consolidating, the National Post reported, citing unnamed sources.

Hartford, Conn.-based Aetna has been seeking a buyer for Aetna Canada Holdings Ltd. and its key asset, Equinox Financial Group Inc., though Aetna Canada's president, Nick Villani, said no sale is pending, the newspaper reported.

Four Canadian life insurance giants and Toronto-Dominion Bank are said to be the likely contenders for Equinox, which provides retirement planning and investment services, the newspaper said.

An Aetna spokesman said the company, as a matter of policy, does not comment on market rumors.

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