Chesnara buys MetLife's UK closed life book in fourth deal in two years
What's the deal? ChesnaraDealroom has a profile for this one. Try Dealroom →, the Preston-headquartered life and pensions consolidator, has agreed to acquire the closed-book UK life insurance business of MetLife incDealroom has a profile for this one. Try Dealroom → for an undisclosed sum. The deal covers MetLife UK (MLUKDealroom has a profile for this one. Try Dealroom →) Limited's closed portfolio only — its ongoing UK protection business is not included.
What's being bought? MLUK manages about 18,000 customer policies with £1.7bn of assets under administration. The transaction adds roughly £90m in lifetime cash flows, about half expected within the first five years after completion.
The terms: The consideration is not expected to be material. Chesnara projects a £45m uplift to both own funds and contractual service margin at completion, with a broadly neutral solvency impact. Administration is provided by SS&CDealroom has a profile for this one. Try Dealroom →, which Chesnara says already closely matches its operating model.
Why now? The deal is Chesnara's fourth acquisition in two years. It completed the £260m purchase of HSBC Life UK in January 2026 and agreed in February to buy Luxembourg-based Scottish Widows EuropeDealroom has a profile for this one. Try Dealroom → for €110m.
Steve Murray, group chief executive of Chesnara, said the portfolio is "an excellent fit with our existing UK operations" and called the company "a consolidation partner of choice for blue-chip counterparties."
What's the endgame? Chesnara buys and runs off closed life books, portfolios no longer sold to new customers. The MetLife deal adds scale and diversification to its UK business while MetLife exits a legacy portfolio rather than its active protection operations.
What could go wrong? Completion is expected in the first half of 2027, subject to regulatory approval.
The signal: The run of deals reinforces Chesnara's role as a consolidator of closed life books, as large insurers shed legacy portfolios to focus on core business. Murray said the firm sees "a healthy pipeline of M&A opportunities."
Read more: insidermedia.com
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