Chesnara swings to pretax profit on insurance

Written by Adam Cadle

21/09/2023

Pension and life insurance policy manager, Chesnara, posted a swing to pretax profit for the first half of 2023 on insurance profits and positive investment returns.

An IFRS pretax profit of £16m ($121.9m) for the six months ended 30 June was recorded, compared with a restated pretax loss of £54.2m for the same period a year ago.

The company's Solvency II ratio was at 205% at the end of the period, compared with 197% at 31 December, above its normal operating range of between 140% and 160%.

The board declared an interim dividend of 8.36 pence per share, up from 8.12 pence a year ago.

"We remain optimistic about our ability to participate in future M&A and continue to be highly confident in our ability to finance and execute such transactions on attractive terms for both vendors and our shareholders," Chief Executive Steve Murray said.

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