Swiss Re sells US subsidiary

Swiss Re’s Admin Re division has agreed to sell its US life insurance subsidiary Aurora National Life Assurance Company to Reinsurance Group of America (RGA).

The sale involves approximately 82,000 policies in force and $2.7 billion in policyholder liabilities, and is expected to close in early 2015.

John Dacey, Swiss Re's group chief strategy officer and chairman of Admin Re, said: "This transaction is an important step in Swiss Re's strategy to redeploy capital to areas where we see growth opportunities and which deliver attractive shareholder returns.

Admin Re will continue to focus on the UK, where we have developed a solid pipeline of potential acquisitions and successfully signed a transaction with HSBC earlier this year."

Admin Re has seen significant growth in its UK portfolio since the start of the year, reinsuring 400,000 individual and group pension and related annuity policies with £4.2 billion in unit-linked assets from HSBC Life (UK).