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Swiss Re buys life policies from Legal & General for 650 mln stg

Reuters - UK Focus

ZURICH, Dec (Shanghai: 600875.SS - news) 6 (Reuters) - Swiss Re (LSE: 0QL6.L - news) has agreed to buy 1.1 million life insurance policies from Legal & General (LSE: LGEN.L - news) Group (L&G) 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)