AXA SA (ENXTPA:CS) is considering options for its Middle Eastern operations including a potential sale, as Chief Executive Officer Thomas Buberl continues to streamline the operations of Europe’s second-largest insurer, people familiar with the matter said. The company is working with HSBC Holdings Plc on the strategic review, according to the people. AXA hasn’t yet kicked off a formal sale process, the people said, asking not to be identified because the process is private. AXA has been pivoting away from capital-heavy life insurance and selling less profitable businesses across the globe. The company is also seeking a buyer for its operations in central and eastern Europe, according to people with knowledge of the matter. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said. Representatives for AXA and HSBC declined to comment.