Banking giant HSBC has announced plans to take on more insurance business itself rather than act as an intermediary.

The move is expected to save Britain's biggest bank hundreds of millions of pounds and generate substantial additional profits as it seeks to take advantage of its scale and diversity.

It will cut back on the insurers it uses, currently around 100, and is seen as a fundamental policy change by the bank.

Clive Banister, group managing director of insurance at HSBC, told the Independent newspaper: "It is a change in the way we are thinking about our risk and the way we wish to engage with our preferred strategic partners.

"In the old days, you had two ways of getting rid of risk: you didn't write it or you reinsured it… we are now retaining more risk in two places."

HSBC has its headquarters in London and with operations in 83 countries is one of the largest financial institutions in the world.

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