Chesnara reports strong 2023 results with improved cash generation and solvency ratio
April 02, 2024 at 10:58 am EDT
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Chesnara PLC chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%.
The company has seen a return to economic growth, with an improvement in the solvency ratio to 205%, the highest in its nearly 20-year history. New business improved to £10 million. It also completed two acquisitions this year, contributing to its M&A momentum.
Chesnara announced a 3% increase in its full-year dividend to 23.97p per share, continuing a 19-year track record of increasing dividends.
Operational efficiency improvements were noted, particularly in cost management, contributing to profitability. Despite economic challenges in recent years, Chesnara anticipates a more stable operating environment and is well-positioned to handle market volatility.
Murray said Chesnara also plans to continue its acquisition strategy, supported by a solid balance sheet and financing options, including about £140 million in cash and a revolving credit facility.
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Proactive UK Ltd
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uk@proactiveinvestors.com
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Chesnara plc is a United Kingdom-based company, which is engaged in the management of life and pension policies in the United Kingdom, Sweden and the Netherlands. The Companyâs segments include UK, Movestic, Waard Group, Scildon and Other group activities. The UK segment comprises the United Kingdom life insurance and pensions business, through its operating subsidiary, Countrywide Assured plc (CA). This segment manages policies covering linked pension business, life insurance, endowments, annuities and some with-profit business. The Movestic segment comprises the Companyâs Swedish life and pensions business, Movestic Livforsakring AB and its subsidiary Movestic Fonder AB (investment fund management company). The Waard Group segment represents the closed Dutch life insurance business. This segment also comprises a mixture of long-term savings and protection business and also contains some non-life business. The Scildon segment comprises the Companyâs open Dutch life insurance business.