Swiss Re to buy HSBC's UK pensions business

ZURICH, June 11 Wed Jun 11, 2014 6:40am EDT

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ZURICH, June 11 (Reuters) - Swiss Re said on Wednesday it had agreed to buy 400,000 individual and group pension and related annuity policies, as well as 4.2 billion pounds ($7.05 billion) in unit-linked assets from HSBC Life .

The deal, made through the reinsurer's Admin Re unit, is expected to be completed in the second half of 2015, subject to regulatory approval, it said.

Swiss Re said it had also agreed to take on certain economic risks and rewards of the business from HSBC from January 1 2014 until the transaction is completed. ($1 = 0.5956 British Pounds) (Reporting by Alice Baghdjian, editing by Louise Heavens)