Aviva PLC said Thursday that it expects a sale of its Aviva USA business will come at a “substantial discount,” confirming for the first time that it is in discussions to sell its West Des Moines-based Aviva USA business.

The London-based insurer said it hopes to finalize a sale in the near future. “We believe any such sale would be in the best interests of the Group and we are hopeful of a satisfactory resolution reasonably soon,” the company said in a release. A Des Moines spokesperson declined comment.

Aviva is four months into a restructuring plan aimed at selling 16 underperforming businesses that tie up more than a third of its capital and contribute 18 percent of its operating profit, Reuters reported.