December 6, 2017 / 7:38 AM / 8 months ago

Swiss Re buys life policies from Legal & General for 872 million dollars

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

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