Bloomberg News
LONDON General Electric Co.s finance unit agreed to buy National Mutual Life Assurance Society of the United Kingdom for almost $810 million as it tries to build a retirement savings business in Europes second-largest market.
GE Capital Corp. is to buy National Mutual after failing to purchase at least two other U.K. insurers Scottish Life Assurance Co. and the assets of Equitable Life Assurance Society in the past 12 months.
Buying National Mutual, which has 250,000 policyholders and $6.8 billion of assets, probably will be the first in a series of acquisitions, said Clive Cowdery, who runs GE Capitals insurance business in Europe. This gives us scale to look at larger companies, Mr. Cowdery said.