There are indications that talks between Swiss Re and Barclays could result in the take over of the life insurance wing of latter by the Swiss giant.

Reports linked to sources close to the two parties said a deal could be sealed in a few weeks.

Barclays Life Assurance is concerned with life, pension and investment plans and pays the pension of more than 70,000 policyholders a month.

And it has more than £7 billion under management.

Barclays is hoping to raise money from the sale since the life insurance arm no longer writes new business.

It is still unclear how much Swiss Re is offering for Barclays Life Assurance, but sources claimed the firm was valued between £400 million and £1 billion.

However, it’s feared that if there’s a wide difference between how much Swiss Re is and what Barclays is willing to accept, the deal may be called off.

The firm received more than £352 premiums in 2007.