Barclays to sell local life insurance business Swiss Re took over the 753 million pounds

Yesterday, Britain's third-largest banks - Barclays Bank (Barclays Plc) to agree to its British life insurance business to 753 million pounds sold to Swiss Re (Swiss Re-insurance Company).

Swiss Re ( "Swiss Re") said yesterday's announcement, the company will buy about 760,000 of life insurance policy and pension insurance contracts, which is equivalent to about 6.8 billion pounds of assets investment. Collins Stewart analyst estimates, Barclays Bank life insurance business in the valuation of about 750 million to 1 billion pounds between.

Analysts said that Barclays Bank is financing this time in order to expand its overseas investment operations, particularly in the consumer banking business in Asia and the United States securities trading and wealth management business. Barclays to sell assets to improve its capital adequacy ratio, the bank's capital adequacy ratio of credit losses resulted in 6.4 billion after the write-down of assets has deteriorated. Barclays last month also approved the sale of shares to raise about 4.5 billion pounds of funds.

Swiss Re Chief Financial Officer Chris Lucas said in a statement, Barclays Bank's life insurance business is attractive despite the high quality business, but not the core business of Barclays. Through the sale of the business, Barclays will be in the net profit of 330 million pounds, the deal will be completed on October 31.

As the world's largest reinsurance companies, Swiss Re is working to break through its life insurance and health insurance business on the bottleneck, in response to the slow rise in premium income, and credit loss due to the expanded write-down of assets. Through its Admin Re sector, the company has acquired more than 50 institutions of policy, its balance sheet into at least 75 billion Swiss francs of assets.