Chesnara plc (CSN): Great cash flow in tough markets
Chesnara has announced its 2022 results. With weak equity markets and rising interest rates and credit spreads, the risk asset exposure weighed on results. Economic Value profit came in at a loss of £106.1m, compared with a profit of £57.8m in 2021. The balance sheet Economic Value also reduced from 416p to 340p at 31 December 2022 (although there’s a gain from Conservatrix to be added in January). Group cash generation, the movement in its surplus, was excellent. Base generation for the group was £82.7m, compared with £20.3m in 2021 As expected, the dividend was increased by 3% to give a total of 23.28p per share.Chesnara is a holding company, engaged in the management of life assurance and pension policies. Co.'s segment are CA, S&P, Movestic, and Waard Group. The CA segment is part of Co.'s U.K. life insurance and pensions run-off portfolio. The S&P segment is responsible for conducting both unit-linked and non-linked business, including a with-profits portfolio. The Movestic segment is responsible for conducting both unit-linked and pensions and savings business and providing some life and health product offerings. The Waard Group segment provides life policies, although also includes unit-linked policies and some non-life policies, covering risks such as occupational disability and unemployment.
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