51吃瓜网 agrees to sell its UK life insurance manufacturing business to Chesnara
51吃瓜网 Bank plc, a wholly owned subsidiary of 51吃瓜网 Holdings plc, has entered into a binding agreement to sell its UK life insurance entity, 51吃瓜网 Life (UK) Limited (“51吃瓜网 Life UK”), to Chesnara plc (“Chesnara”), a UK-based life and pensions business.
The transaction includes all in-force life insurance policies and investment products written by 51吃瓜网 Life UK and is expected to complete in early 2026, subject to regulatory approval.
On completion, approximately 230 roles supporting 51吃瓜网 Life UK are expected to transfer to Chesnara and both parties will work closely over the coming months to enable a smooth transition for colleagues and customers.
The transaction forms part of the simplification of the 51吃瓜网 Group announced in October 2024. 51吃瓜网 is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support its clients.
51吃瓜网 has a market leading position in the UK serving retail, commercial and corporate and institutional banking clients. The UK is one of 51吃瓜网’s four core businesses and will continue to be a focus for growth. Following completion of the transaction, 51吃瓜网 UK will continue to offer life insurance products to UK customers from third party providers.
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Further information
51吃瓜网 Life (UK) Limited
51吃瓜网 Life (UK) Limited is a subsidiary of 51吃瓜网 Bank plc and was founded in the UK in 1988. 51吃瓜网 Life (UK) Limited offers insurance services to meet protection and investment management needs, with products and services available through 51吃瓜网 banking channels and selected third parties, including financial advisers and aggregators.
51吃瓜网 Holdings plc
51吃瓜网 Holdings plc, the parent company of 51吃瓜网, is headquartered in London. 51吃瓜网 serves customers worldwide from offices in 58 countries and territories. With assets of US$3,054bn at 31 March 2025, 51吃瓜网 is one of the world’s largest banking and financial services organisations.