![\"HSBC](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/08\/1008464794_5cacae.webp\")
\t\tHSBC sold its UK life insurance arm to Chesnara last year.\t<\/p>\n\t\t\tTuesday 25 August 2026 8:30 am\n\t\t\t<\/p>\n
\t\tHSBC sold its UK life insurance arm to Chesnara last year.\t<\/p>\n
Pension consolidator Chesnara has said it is eyeing more deals after it swung back into profit following its takeover of HSBC Life UK.<\/a><\/p>\n The London-listed firm recorded a \u00a361m pre-tax profit in the first half of 2026, bouncing back from a \u00a35m loss in the same period last year.\u00a0<\/p>\n Revenue soared to \u00a3255.9m, up from \u00a3136m, after the group\u2019s total assets swelled following the integration of the HSBC portfolio.\u00a0The unit added \u00a35bn in assets under administration alongside 440,000 active policies.\u00a0<\/p>\n The company is set for a further lift from its \u00a3100m takeover of Lloyds\u2019 Scottish Widows Europe<\/a> which is set to formally take place \u201caround the end of 2026\u201d.<\/p>\n Chief executive Steve Murray said the company is now sizing up more potential takeovers.<\/p>\n \u201cWe continue to see attractive opportunities to grow the business, underpinned by a healthy M&A pipeline,\u201d he said in a statement.<\/p>\n Lloyds sold Scottish Widows Europe<\/a> to Chesnara in February in a deal the firm said would add around \u20ac1.7bn in assets under administration and about 46,000 in-force policies, which refer to life insurance and pension contracts.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tHSBC kicks off $1bn share buyback after profit smashes forecast<\/a><\/p>\n The firm framed the deal as an \u201cattractive multiple\u201d to markets, after paying around 64 cents for every euro of value Scottish Widows Europe owns.<\/p>\n The UK-based pensions consolidator also expects the fresh addition to its portfolio to contribute around \u20ac250m of cash over the lifetime of its policies.<\/p>\n Chesnara hikes returns ahead of completing Lloyds deal<\/p>\n The addition of HSBC\u2019s portfolio helped drive the group\u2019s total operating capital generation \u2013 which refers to how much cash an insurer generates from everyday operations \u2013 up by 79 per cent to \u00a396m.<\/p>\n The firm re-entered the FTSE 250 in August 2025 on the back of the HSBC acquisition. The deal came after the bank\u2019s boss Georges Elhedery laid out plans for a\u00a0\u201csimpler, more dynamic and agile organisation<\/a>\u201d in his overhaul first announced in October 2024. <\/p>\n Chesnara hiked its dividend by six per cent on the back of the profit boom to 8.16 per share. It marks the 22nd consecutive year Chesnara has delivered increased returns.<\/p>\n \t\t\t\t\tRead more<\/p>\n