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Swiss Re buys Barclays Life for £753m

Barclays has sold its life assurance arm to Swiss Re for £753m making the bank £330m in profit.

The bank has today revealed that some 760,000 policies from Barclays Life, the combined life assurance business of Barclays and Woolwich in the UK, will now transfer to the Swiss bank by October 31.

Barclays Life, which generated £350m in premium income for the bank in 2007 primarily comprising of unit-linked life and pensions policies, ceased to accept new customer applications in 2001.

Barclays group finance director Chris Lucas says: “Barclays Life is an attractive, high quality business which is not core to Barclays. We are delighted to agree a sale to Swiss Re, which is an experienced and reputable partner.

“We are confident that Swiss Re, with its expertise in this area, will offer policyholders continuity of service and support.”

Barclays will continue to sell life insurance products from a selection of third party providers.

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