Swiss Re is in talks to buy the life-assurance arm of Barclays, the Times newspaper reports today.
It is understood that the Swiss giant is conducting due diligence on the business, which has more than £7 billion under management, in a deal that could be complete within weeks.
The business was created in 2003 when Woolwich Life and Barclays Life were merged; two years after the parent companies had combined.
The Times reports that as the division no longer writes new business and that Barclays sees it as a non-core operation and an opportunity to raise cash through a sale.
Premiums received by Barclays Life in 2007 were over £352m.
The possible deal follows other deals in the life sector, which concluded in last year’s £5 billion takeover of Clive Cowdery’s Resolution group by rival Pearl.
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