HSBC to Sell UK Life Insurance Unit to Chesnara
London-headquartered HSBC will sell its UK life insurance unit as part of its broader plans to simplify its global business and focus on certain markets where it has an edge.
HSBC has entered into a binding agreement to sell HSBC Life UK to British life and pensions business Chesnara, according to a statement.
The bank anticipates that the transaction will be completed in early 2026, subject to regulatory approval, and it includes all life insurance policies in force and investment products written by the unit. Approximately 230 roles are also expected to transfer to Chesnara.
According to HSBC, the transaction is part of its plans announced last year to simplify and focus on increasing leadership and market share in areas where it has a «clear competitive advantage». In October 2024, the bank unveiled a global reorganization into four business lines: Hong Kong, UK, corporate and institutional banking, and international wealth and premier banking. Within the UK, it will focus on personal banking and commercial banking.
