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.”
