Strong returns for Chesnara

CHESNARA, the quoted holding company for a number of closed life assurance funds, has reported strong figures for the year to date.

In an interim management statement the Preston business said its European Embedded Value (EEV) – the measure of a life insurer’s value – rose 4% to £305.8m in the nine months to September 30.

Pre-tax profit for the period was £20.1m, compared to a loss of £8.9m last time.

Net cash generation was strong at £30.1m, compared to £25.4m for the full year last year.

Chesnara has several arms – Countrywide Assured, Save & Prosper Insurance and its subsidiary Save & Prosper Pensions, and Sweden-based Movestic.