Report
Brian Moretta

Chesnara plc: Showing good operational progress

Chesnara announced its 1H’25 results. The main features were a better-than-expected operational performance, weaker economic returns and increased central costs but improved cash generation. An Economic Value loss of £11m was behind recent figures (1H’24: profit of £20m). Alongside the dividend payment, this loss reduced the Economic Value, which declined from £531m to £517m in the first half. Cash generation of £37m was a 28% increase over the 1H’24 figure of £29m. The interim dividend, as expected, was increased by 3% to 7.70p. Post the rights issue, Chesnara joined the FTSE 250 Index.
Underlying
Chesnara PLC

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.

Provider
Hardman & Co
Hardman & Co

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Analysts
Brian Moretta

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