UK - Swiss Re has agreed to take over some 760,000 life insurance and pensions policies from Barclays Life for a cash sum of £753m (US$1.47bn).
Jacques Aigrain, CEO, Swiss Re, said: "Our execution capability and capital strength, combined with our experience in managing UK life portfolios, have enabled us to acquire Barclays Life at a value-creating price. This acquisition underlines Swiss Re's role as a leading player in the origination, transfer and trading of insurable risks."
The Barclays Life division, which has been closed to new business since 2001, still generates an annual income of about £350m from premiums and contributions.
Swiss Re also announced Q2 results, generating a net profit of CHF600m (US$570m)
It made an unrealised mark-to-market loss of CHF362m for credit default swaps in run off.
The group said by the end of the quarter, it had completed around half (49%) of its CHF7.75bn share buyback programme, which was ahead of schedule and due to be completed in 2010.
Aigrain added: "The difficult market environment also creates new opportunities. Underpinned by its strict underwriting discipline, expansion in emerging markets and new product offerings, Swiss Re has the execution capability and capital strength to seize these opportunities."
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