HSBC Bank plc, a subsidiary of HSBC Holdings plc, has agreed to sell its UK life insurance entity, HSBC Life (UK) Limited, to Chesnara plc. Chesnara is a UK-based life and pensions business. The agreement includes all in-force life insurance policies and investment products written by HSBC Life UK. The transaction is expected to be completed in early 2026, pending regulatory approval.
Upon completion, around 230 roles supporting HSBC Life UK are anticipated to transfer to Chesnara. Both companies plan to collaborate closely over the coming months to ensure a smooth transition for employees and customers.
This transaction is part of the simplification strategy announced by the HSBC Group in October 2024. HSBC aims to focus on areas where it holds a competitive advantage and sees growth opportunities.
HSBC maintains a strong position in the UK market, serving retail, commercial, corporate, and institutional banking clients. The UK remains one of HSBC's core businesses and will continue as a focus for growth. After the transaction's completion, HSBC UK will still offer life insurance products through third-party providers.
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Further information about HSBC Life (UK) Limited: It was founded in the UK in 1988 as a subsidiary of HSBC Bank plc. It provides insurance services catering to protection and investment management needs through various channels including financial advisers and aggregators.
HSBC Holdings plc is headquartered in London with operations in 58 countries and territories worldwide. As of March 31, 2025, it had assets totaling US$3,054 billion.