Swiss Re's GE Life purchase to bring new brand

The cash purchase price is £465m, including £260m for statutory net assets, and Swiss Re will gain around 400,000 policies with total assets of approximately £8bn as a result. More importantly, Swiss Re says GE Life will continue to write business through financial advisers under a new brand name to be announced in 2007. The life insurance firm's current portfolio is composed primarily of savings and income retirement planning products, and includes the National Mutual fund acquired by GE Life in 2002. Jacques Aigrain, chief executive of Swiss Re, says: “Swiss Re’s strong capital base co...