CSN Chesnara PLC

Hardman & Co Research on Chesnara plc (CSN): Nice little acquisition

Hardman & Co Research
Hardman & Co Research on Chesnara plc (CSN): Nice little acquisition

23-May-2023 / 13:05 GMT/BST
The issuer is solely responsible for the content of this announcement.

Hardman & Co Research on Chesnara plc (CSN):

Nice little acquisition

 

Chesnara has announced its first acquisition of 2023. It is buying the onshore protection business from Canada Life’s UK business. This consists of 47,000 term assurance and critical illness policies. Chesnara is paying £9m for the policies, and expects the Economic Value to be £16m – so this is a bit smaller than some of its more recent deals. The uplift of £7m increases Economic Value by ca.1.4%. Cash generation will be improved by ca.£16m over the next five years. This benefit is relatively front-end-loaded; so there will be a smaller cashflow benefit beyond the five years. This will have an almost neutral effect on the Solvency II ratio.

 

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Contact:

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+44(0)203 693 7075

 



 

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End of Announcement - EQS News Service

1639749  23-May-2023 

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