ZURICH (AFP) — Swiss Re, the world's biggest reinsurer, on Tuesday announced its purchase of Barclays' life assurance arm for 753 million pounds in cash.
Barclays Life Assurance, which was established in 2003 through the merger of Woolwich Life and Barclays Life, manages some 760,000 life assurance contracts, pension policies and annuity contracts, representing around 6.8 billion pounds in invested assets.
Swiss Re also reported a 53-percent fall in second-quarter net profits to 564 million Swiss francs, (273.8 million pounds).
Earnings per share at Swiss Re were also down 51 percent on a 12-month basis to 1.70 Swiss francs from 3.5 francs in the second quarter of 2007.
"The financial market turbulence continues, but, despite this, we are strongly capitalised and our investment portfolio remains sound," said chief executive Jacques Aigrain.
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