GE Capital to Buy National Mutual

General Electric Co.’s finance unit agreed to buy National Mutual Life Assurance Society of Britain for almost $810 million as it tries to build a retirement-savings business in Europe’s second-largest market.

GE Capital Corp., the world’s largest finance company that’s not a bank, is acquiring National Mutual after failing to purchase at least two other British insurers in the last 12 months.

The purchase of National Mutual, which has 250,000 policyholders and $6.8 billion in assets, probably will be the first in a series of acquisitions, a GE Capital spokesman said.