HSBC agrees to sell its UK life insurance manufacturing business to Chesnara
HSBC Bank plc, a wholly owned subsidiary of HSBC Holdings plc, has entered into a binding agreement to sell its UK life insurance entity, HSBC Life (UK) Limited (“HSBC Life UK”), to Chesnara plc (“Chesnara”), a UK-based life and pensions business.
The transaction includes all in-force life insurance policies and investment products written by HSBC Life UK and is expected to complete in early 2026, subject to regulatory approval.
On completion, approximately 230 roles supporting HSBC Life UK are expected to transfer to Chesnara and both parties will work closely over the coming months to enable a smooth transition for colleagues and customers.
The transaction forms part of the simplification of the HSBC Group announced in October 2024. HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support its clients.
HSBC has a market leading position in the UK serving retail, commercial and corporate and institutional banking clients. The UK is one of HSBC’s four core businesses and will continue to be a focus for growth. Following completion of the transaction, HSBC UK will continue to offer life insurance products to UK customers from third party providers.
Media enquiries to:
Press Office
+44 (0)20 7991 8096
pressoffice@hsbc.com
Further information
HSBC Life (UK) Limited
HSBC Life (UK) Limited is a subsidiary of HSBC Bank plc and was founded in the UK in 1988. HSBC Life (UK) Limited offers insurance services to meet protection and investment management needs, with products and services available through HSBC banking channels and selected third parties, including financial advisers and aggregators.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,054bn at 31 March 2025, HSBC is one of the world’s largest banking and financial services organisations.