ZURICH (Reuters) - Swiss Re (SRENH.S) has agreed to buy 1.1 million life insurance policies from Legal & General Group (L&G) (LGEN.L) for 650 million pounds ($872 million), the Swiss group said on Wednesday.
“This move is consistent with Swiss Re’s strategy to acquire closed life books in the UK. The policies – which include with-profit, unit-linked and savings products – will be transferred to ReAssure from Legal & General Assurance Society Limited, which is part of the L&G Group,” it said in a statement.
($1 = 0.7455 pounds)
Reporting by Michael Shields, editing by John Miller