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LONDON - Barclays Bank PLC said Tuesday it has agreed to sell its life assurance business to Swiss Re, the world's largest insurer, for around 753 million pounds (US$1.5 billion) in cash.
Barclays has around 760,000 life insurance and pension policies and annuity contracts in its Life Assurance Co. Ltd., for which it stopped accepting new applications in 2001, representing 6.8 billion pounds (US$13.3 billion) in invested assets.
Barclays said it expects to make a post-tax gain of around 330 million pounds (US$645.6 million) on the sale.
Excluding the gain on sale, the transaction is not expected to have a material impact on Barclays earnings per share, the bank said. It will continue to sell life insurance products from a selection of third party providers.
Barclays share were up 5.2 percent at 357 pence (US$6.99) in morning trade on the London Stock Exchange.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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