Swiss Re has bought GE Life for £465m, following months of speculation surrounding the future of the life office and equity release specialist.
GE Life will continue to write new business through financial advisers,
under a new brand name to be announced in 2007.
Swiss Re will acquire around 400,000 policies with total assets of approximately £8bn. The portfolio is composed primarily of savings and income retirement planning products.
It also includes the National Mutual Fund acquired by GE Life in 2002. Completion of the deal is anticipated by the end of 2006 subject to regulatory approvals.
Swiss Re CEO Jacques Aigrain says: “Swiss Re’s strong capital base combined with our experience in managing UK life portfolios has placed us in the lead to acquire the GE Life business at a value-creating price.”