A joint venture between HSBC and Norwich Union will lead to improved life insurance for over ten million bank customers.

The two firms have had a 23-year underwriting relationship, but this deal will strengthen those ties and see Norwich Union underwrite and distribute life insurance and income protection products, as well as the rest of its general insurance portfolio, to HSBC's 10.2 million customers.

Simon Machell, chief executive of Norwich Union, said that the partnership was likely to be mutually beneficial to both customers and the firms involved, with one-fifth of all consumer expenditure in the UK spent on insurance.

"I am excited that we are continuing to grow our relationship with HSBC. A closer association with HSBC will be excellent news for Norwich Union and its staff and further strengthens our position as the insurance partner of choice for today's leading brands," he said.

Dyfrig John, chief executive officer of HSBC was also enthused about the move, commenting: "We believe that combining HSBC's distribution network and Norwich Union's underwriting and customer management capabilities will create one of the best general insurance services the market has to offer." ADNFCR-980-ID-18145822-ADNFCR

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