Insurance company Chesnara has agreed to buy 100% of the share capital of MetLife UK Limited (MLUK), MetLife’s closed-book UK life insurer.
The deal – expected to complete in the first half of 2027 – covers MLUK’s closed book only.
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MetLife’s ongoing UK protection business is excluded, and MetLife will keep servicing those customers in the UK.
MLUK manages about 18,000 customer policies with £1.7bn ($2.28bn) of assets under administration as at 31 December 2025.
It closed to new business in 2017. Its portfolio comprises unit-linked investment policies with optional guarantees, and variable annuities.
Chesnara expects the transaction to produce total lifetime cash flows of about £90m, with around half emerging in the first five years after completion.
At completion, and under Chesnara’s ownership and target operating model, the deal is expected to raise both own funds and the contractual service margin by about £45m.
The final impacts will be set at completion, subject to customary adjustments.
The consideration payable is also subject to customary adjustments at completion.
According to the announcement, this aligns closely with Chesnara’s operating model and will facilitate a smooth transition of the portfolio.
The transaction requires UK regulatory approval. It is Chesnara’s fourth announced transaction in the past two years.
Chesnara group chief executive Steve Murray said: “The transaction adds further scale and diversification to our UK business as well as an estimated £90m of lifetime cashflows. MLUK’s closed-book portfolio is an excellent fit with our existing UK operations and, with its administration provided by SS&C, already closely aligns with our operating model. The transaction is a further demonstration that Chesnara is a consolidation partner of choice for blue-chip counterparties.”
Separately, in May this year, Powszechny Zakład Ubezpieczeń (PZU) signed a conditional agreement to buy all shares in MetLife Ukraine.
The deal would increase PZU Group’s presence in central and eastern Europe (CEE) and enlarge its life insurance business in line with its regional strategy.
