"We look forward to welcoming HSBC Life UK’s policyholders to Chesnara and working closely with HSBC Bank plc to ensure a smooth transition of the business into the Group."
- Steve Murray, CEO of Chesnara Group
The agreement between Chesnara and HSBC Bank to acquire HSBC Life (UK) is for a total consolidation of £260mn.
This acquisition would transform Chesnara’s scale in the UK, adding approximately £4bn of assets under administration and 454k policies - creating a combined group with approximately £18bn in total assets and 1.4mn policies.
Chesnara expects to complete this acquisition in early 2026, subject to customary regulatory approvals.
The board of directors believe this decision is “strategically compelling and offers significant financial benefits.”
Steve Murray, CEO of Chesnara, said, “The proposed acquisition of HSBC Life UK represents a material step up in scale for Chesnara Group. HSBC Life UK is a high-quality business operating in products that we know well and is capable, under our ownership, of generating substantial cash flows for many years.
“This highly accretive transaction will allow us to build on our strong 20-year track record of uninterrupted dividend growth. It’s also a further example of a major financial institution choosing to work with us, enhancing our reputation as a life and pensions consolidator.
“We look forward to welcoming HSBC Life UK’s policyholders to Chesnara and working closely with HSBC Bank plc to ensure a smooth transition of the business into the Group.”
