ZURICH, Switzerland—Global reinsurer Swiss Reinsurance Co. Ltd. said Friday it completed its purchase of Barclays Life Assurance Co. Ltd. for £762 million ($1.21 billion).

Through the transaction, which was announced Aug. 5, Zurich, Switzerland-based Swiss Re acquired 760,000 life insurance and pension policies and annuity contracts, representing approximately £6.8 billion ($10.8 billion) in invested assets.

Barclays Life has been closed to new business since 2001.