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Swiss Re buys Barclays Life
5 August, 2008
Swiss Re has agreed to buy Barclays’ life assurance arm for £753 million.
The insurer said it would buy about 760,000 life insurance and pension policies and annuity contracts, representing £6.8 billion in invested assets.
Barclays said it expected a post-tax gain of about £330 million on the sale, although the transaction is not expected to have a material impact on its earnings per share.
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