Swiss Re to acquire HSBC’s pension business


One of Swiss Re’s business units, Admin Re, has agreed to acquire group pension and related annuity policies from HSBC Life (UK).

The transaction, which will also include £4.2 billion in unit-linked assets, is subject to regulatory and court approval.

It is expected to be completed in the second half of 2015.

John R Dacey, chairman of Admin Re and member of the Swiss Re Group executive committee, said: “This transaction is an attractive opportunity for Admin Re and confirms our commitment to execute on the strategy to grow the Admin Re business in the UK.”